Jindal Stainless grants ESOPs to 150 employees
Bhubaneswar, January 16, 2024:Jindal Stainless Limited, India’s largest stainless steel manufacturer, announced an Employee Stock Option Plan (ESOP) for approximately 150 of its senior team members. The company granted 15,68,266 stock options, using the instrument of ESOPs and Restricted Stock Units (RSUs) in an equal mix, to eligible employees under the Jindal Stainless Limited Employee Stock Option Scheme 2023.The ESOPs will vest over a period of four years, alongside linkage to performance conditions.
The primary objective of introducing ESOPs is to attract, incentivize and retain talent, fostering a shared sense of ownership and aligning the interests of the employees with those of the company.
Commenting on this development, Managing Director, Jindal Stainless, Mr Abhyuday Jindal, said, “The implementation of ESOPs is a testimony of our intent to retain our people, and make them true partners in our progress. Besides, it helps align the interests of our senior team with our long-term growth plans. By offering employees a stake in our success, we foster a culture of collaboration and shared achievement, ensuring that every individual contributes to, and benefits from, the growth journey of the company.”
Adding to it, CHRO, Jindal Stainless, Mr Sushil Baveja, said, “We are thrilled to introduce ESOPs, offering another opportunity for wealth creation to our key talent. This initiative aims not only to attract and retain talent but also to develop a deep sense of ownership among our employees, aligning their interests with the success of the business. We are confident that this will propel us towards achieving our objectives and driving sustained growth in the future for both the company and employees.”
This strategic initiative highlights the company’s dedication to recognizing and valuing the contributions of its workforce. By transforming employees into shareholders, the company not only encourages efficient performance but also instills a sense of ownership among them.
