This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Jindal Steel & Power operates integrated steel plants and power generation facilities in India, with significant operations in the mineral-rich state of Odisha. The company’s expansion has been marked by legal and regulatory challenges concerning its environmental impact. A proposed mega-steel project in Odisha faced substantial legal hurdles related to land acquisition and environmental clearances, reflecting persistent community and governmental concern over ecological damage from large-scale industrial development. Further, the company has pursued coal-to-liquid projects in the region, a process with high potential for soil and water contamination. This pattern of projects attracting regulatory scrutiny points to ongoing risks of habitat destruction and pollution from the company’s core industrial activities.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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