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Indian steel tycoon Sajjan Jindal has denied sexual assault accusations, after an Indian court last week ordered police to investigate a complaint made against him.
The billionaire chair of the JSW Group called the allegations “false and baseless” and said he would co-operate with the police investigation.
“As the investigation is ongoing, we will refrain from commenting further at this stage,” said Jindal in a statement given in his personal capacity.
Indian media reported on Sunday that Mumbai police were investigating sexual assault allegations made against the 64-year-old industrialist, including rape. Shares in JSW Steel were down 1.4 per cent, the first day of trading since the allegations were made public this weekend.
The Mumbai police confirmed that a first information report — a police document that notes details of an alleged offence and marks the start of an investigation — had been filed against Jindal.
The complainant, who remains anonymous under Indian law, had sought judicial intervention after police did not immediately take up the case, Indian media reported.
Jindal is one of India’s most prominent corporate leaders, and his family — headed by matriarch Savitri Jindal — is worth $29bn, according to Forbes.
The JSW empire encompasses cement, steel, energy and logistics businesses, and last month expanded into automobiles when it signed an Indian joint venture agreement with China’s SAIC Motor.
The group, chaired by Jindal since 2011, is expected to profit from India’s rapid infrastructure push that has made the country one of the fastest-growing markets for steel. It is one of a handful of family conglomerates that has influence over large parts of the economy, along with Reliance Industries and the Tata Group.