CORPORATE
JSW, Japan’s JFE Steel to jointly buy tkES India for Rs 4,051.4 crore
- IBJ Bureau
- Oct 19, 2024
JSW Steel on Friday said that it would acquire 100 per cent stake in Thyssenkrupp Electrical Steel India (tkES) jointly with Japan’s JFE Steel Corp through a 50:50 joint venture for Rs 4,051.4 crore.
TkES is involved in the business of manufacture and sale of grain-oriented electrical steel with its facility located in Nashik, Maharashtra. It had reported a turnover of Rs 1,271 crore in FY24.
“Jsquare Electrical Steel Nashik (J2ES), a wholly-owned subsidiary of JSW JFE Electrical Steel, has entered into a share-purchase agreement for purchase of 100 per cent equity shares of tkES India, and the company has entered into other transaction-related agreements, including for the technology package, with the Thyssenkrupp Group entities. J2ES is a 50:50 joint venture between the company and JFE,” added JSW Steel about the all-cash deal.
JSW Steel said that the acquisition was in line with the company’s strategy of “enhancing its proportion of value-added steel products”.
The indicative period for completion of the acquisition is eight months, said JSW Steel.
The transaction is subject to approval from the Competition Commission of India.
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