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JSW Steel and Japan’s JFE Steel Corp to acquire 100% stake in Thyssenkrupp Electrical Steel India via 50:50 joint venture.
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Acquisition worth Rs 4,051.4 crore, subject to Competition Commission of India (CCI) approval.
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Thyssenkrupp Electrical Steel India manufactures grain-oriented electrical steel, with Rs 1,271 crore turnover in FY24.
JSW Steel has announced a joint acquisition with Japan’s JFE Steel Corp of Thyssenkrupp Electrical Steel India for Rs 4,051.4 crore. The 50:50 joint venture will acquire 100% stake in the company, which manufactures grain-oriented electrical steel.
Thyssenkrupp Electrical Steel India, based in Nashik, Maharashtra, reported a turnover of Rs 1,271 crore in FY24. The acquisition aligns with JSW Steel’s strategy to increase its value-added steel products.
The all-cash deal is subject to approval from the Competition Commission of India (CCI) and is expected to be completed within eight months. JSW Steel’s subsidiary, Jsquare Electrical Steel Nashik Private Limited, has entered into a share purchase agreement for the acquisition.
This acquisition strengthens JSW Steel’s position in the electrical steel market and expands its product portfolio. The joint venture with JFE Steel Corp also marks a significant collaboration between Indian and Japanese steel industries.
