JSW Steel Acquires Thyssenkrupp Electrical Steel India for ₹4,051 Crore

20 Oct 2024 , 07:23 PM

JSW Steel Ltd announced on October 18 that its subsidiary, Jsquare Electrical Steel Nashik Private Ltd, has entered into a share purchase agreement to acquire 100% equity in Thyssenkrupp Electrical Steel India Pvt Ltd (tkES India).

The total acquisition cost is ₹4,051.40 Crore, with closing adjustments pending. tkES India is a leading manufacturer of grain-oriented electrical steel (GOES) in India, with a manufacturing facility in Nashik, Maharashtra.

This acquisition grants JSW access to advanced technology, aligning with its goal of expanding its value-added portfolio.

Earlier, in February 2024, JSW and JFE Steel formed JSW JFE Electrical Steel Private Limited, a joint venture aimed at producing GOES in India.

The joint venture is expected to begin full production by 2027. The acquisition accelerates JSW and JFE’s market entry, enabling a seamless system from manufacturing to sales of GOES in India.

Jayant Acharya, Joint Managing Director & CEO of JSW Steel, highlighted the rapid growth in GOES demand, stating that this move would support India’s goal of import substitution and enhance self-reliance. The acquisition is subject to regulatory approvals and other standard conditions.