"JSW Steel and JFE Steel Corp Joint Venture Acquires Thyssenkrupp's India Unit for ₹4,000 Crore"

JSW Steel, in partnership with JFE Steel Corporation, has acquired thyssenkrupp Electrical Steel India for ₹4,051 crore. Thyssenkrupp’s Indian unit, located in Nashik, Maharashtra, specializes in the production of grain-oriented electrical steel, which is vital for energy-efficient transformers, high-performance generators, and motors.

The acquisition aligns with JSW Steel’s strategy to boost its portfolio of value-added steel products, the company stated on Friday. The deal, subject to approval from the Competition Commission of India, is expected to be completed within eight months.

The transaction will be carried out by Jsquare, a wholly-owned subsidiary of JSW JFE Electrical Steel, a 50:50 joint venture between JSW Steel and Japan’s JFE Steel Corporation.

Thyssenkrupp Electrical Steel India reported a turnover of ₹1,271 crore in the last fiscal year, slightly down from ₹1,275 crore the previous year. Avendus Capital advised JSW Steel and JFE Steel Corporation on the deal.

HBL