Sajjan Jindal-led JSW Group company Forma has shut down its operations within one year of its launch, according to a source.
Forma, operating in the steel furniture market, was launched last year by JSW Living in April.
The company’s MD Tarini Jindal Handa — daughter of steel magnate Sajjan Jindal — had announced plans of investing around Rs 250 crore over the next five years to become one of the top five readymade furniture brands in India.
“Forma operations have been shut as the business was not viable. CEO Bedraj Tripathy and other officials have been sacked,” the source in the know of the matter said requesting anonymity.
JSW Steel refused to comment over the matter.
Forma used to take steel from JSW Steel to make products and supply it to dealers.
Source: Business Standard