Sandeep Modi: Achieving Financial Excellence 

In the dynamic world of finance and business, few stories are as compelling as that of Sandeep Modi, the Chief Financial Officer (CFO) of Hindustan Zinc. His journey is not just a tale of climbing the corporate ladder; it’s a narrative of an uncompromising quest for excellence, strategic foresight, and a deep commitment to sustainability and innovation. 

Sandeep’s professional journey began nearly two decades ago, fresh out of university, where he distinguished himself as a rank holder. His analytical prowess and academic brilliance laid the groundwork for his future endeavors. He began his career with Hindustan Zinc, initially handling project finance, and swiftly became the Business Unit Controller.

His journey through the finance ranks was marked by a series of strategic roles that honed his expertise in business planning, forecasting, and tax strategy. From Associate Manager to AVP at Vedanta Resources Limited, Sandeep’s career trajectory was a testament to his ability to navigate complex financial landscapes with agility and insight.

As CFO of Hindustan Zinc, Sandeep’s leadership has been transformative. Amidst fluctuating market conditions, he implemented robust cost control measures that led the company to achieve its lowest cost in three years. His strategic hedging initiatives brought in an additional USD 100 million over the market in FY 23. Under his financial leadership, the company reached a market cap of over USD 22 billion, with a keen focus on silver strategy and ESG initiatives.

Under the guidance of Sandeep, the company is strategically prioritising a robust array of expansion initiatives. It is steadfastly channeling substantial investments into enhancing production capacity and incorporating sophisticated operational techniques. This approach is designed to foster sustainable and intelligent growth. Moreover, the company is broadening its product range through downstream integration, exemplified by the development of its alloy facility and fertilizer venture. These advancements are pivotal in the company’s transition from a commodity-centric business model to a product-oriented one, positioning it for a future where value-added offerings take precedence.

Hindustan Zinc has finalised agreements to procure 450 megawatts (MW) of renewable energy. Furthermore, the company has entered into contracts to acquire 180 liquefied natural gas (LNG) vehicles and 10 electric vehicle (EV) trucks to facilitate the transportation of goods. In addition, the company has allocated $300 million for capital investments in the fiscal year 2025, which will be directed towards constructing a new roaster in Rajasthan.

Sandeep’s influence extended beyond Hindustan Zinc. At Talwandi Sobo Power Limited (TSPL), he secured long-term refinancing of Rs 5000 cr during the challenging COVID period. His tenure at Bharat Aluminium Company Limited (Balco) saw the company achieve its highest profit since disinvestment, maintaining credit ratings and reducing power debtors amidst the pandemic.

Sandeep’s dedication to sustainability is evident in his roles as a director on the board of Serentica Renewables and as a Vedanta Renewable Energy Steering Committee member. His vision for a sustainable future is intertwined with his financial acumen, driving the group’s business performance and decision-making strategies.

Sandeep’s leadership and achievements have not gone unnoticed. He has been honoured with prestigious awards such as BW 40 under 40, ET Great Manager, and CII Leading CFO 2022. His insights are sought after, making him a regular speaker at educational institutes and personal bodies. 

His leadership approach is characterised by situation leadership – adapting to the environment and challenges at hand. He thrives in demanding situations, leveraging his extensive expertise to drive value creation and unlock potential. His work as the ‘Chief of Staff’ for the Vice Chairman of Vedanta Group exemplifies his strategic role in propelling the group’s performance.

As Sandeep continues his tenure as CFO and Senior Vice President at Hindustan Zinc, his eyes are set on the future. With plans to further drive the company’s growth, his leadership is poised to leave an indelible mark on the metals, mining, and power sector. His journey is a beacon for aspiring finance professionals, demonstrating that with the right blend of skill, strategy, and sustainability, one can not only navigate but also shape the future of an industry.

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