INTERNATIONAL COAL NEWS

Trusted Jindal adviser becomes Wollongong CEO

WOLLONGONG Coal - which has remained in a trading halt since June 1 after missing a financial rep...

Blair Price

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The predecessor, JSPL-nominated Jasbir Singh, effectively resigned as Wollongong Coal’s executive chairman and CEO at short notice on May 8 and later quit Wollongong altogether by leaving his remaining non-executive director position on May 22.

Kumar, an industrial engineer, has notably served as the technical assistant to Indian billionaire and JSPL chairman Naveen Jindal for eight years.

“Kumar has played a pivotal role in acquiring JSPL’s first coal mine in Africa, making JSPL the first Indian conglomerate to have an operational mine on the African continent,” Wollongong Coal said.

“Since leading the JSPL Africa projects Kumar has laid a solid foundation from which Jindal Africa has launched its wide-ranging operations in order to realise its continental ambitions.”

The Australia-listed coal company further discussed Kumar’s character.

“He strongly believes in meticulous planning and subsequent execution, leaving nothing to chance,” Wollongong Coal said.

“His understanding of the business has been instrumental in evolving growth strategies and significantly contributed to implementation of JSPL’s expansion and diversification projects in steel, power and mining sectors.”

The non-executive director vacancy left by Singh was filled by JSPL executive Azad Bhura, a chartered accountant, on May 22 while the search for a CEO presumably continues.

Wollongong Coal chief operating officer David Stone also submitted his resignation last month to become Guildford Coal’s executive director.

JPM, which recently said the recent management changes implied there were “significant internal issues within Wollongong Coal” also flagged that either more bank funding or a “sizeable equity raising” was needed to maintain its balance sheet.

Jindal has an 82.04% stake of Wollongong while key bank lender ICICI has a 10.16% stake.

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