Major Acquisition: JSW-JFE Joint Venture Buys Thyssenkrupp Electrical Steel in India

Jsquare Electrical Steel Nashik has entered into an agreement to buy thyssenkrupp Electrical Steel India for Rs 4,051.40 crore. The acquisition, aimed to enhance JSW Steel's value-added products, is part of a joint effort with JFE Steel Corporation, as part of broad strategic transactions.

In a significant industry move, Jsquare Electrical Steel Nashik has reached an agreement to purchase 100% of the equity shares of thyssenkrupp Electrical Steel India for Rs 4,051.40 crore. The deal was officially announced on Friday through a regulatory filing.

Jsquare Electrical Steel, a wholly-owned subsidiary of the joint venture between India's JSW Steel and Japan's JFE Steel Corporation, is spearheading this acquisition. The transaction signifies a pivotal step in their strategy to boost the share of value-added steel products in their portfolio.

Thyssenkrupp's spokesperson, Dennis Grimm, highlighted the strategic reasoning behind the sale, citing supply chain cost discrepancies in India as a hindrance to maintaining competitive pricing. The transaction is expected to close in a few months, marking a major shift in the Indian steel industry landscape.

(With inputs from agencies.)