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JSW Steel’s JV’s arm acquires 100% equity interest in tkES India

31 Jan 2025 Evaluate

JSW Steel and JFE Steel Corporation’s (JFE) joint venture -- JSW JFE Electrical Steel’s (J2ES) wholly owned subsidiary -- Jsquare Electrical Steel Nashik has completed the acquisition of 100% equity interest in thyssenkrupp Electrical Steel India (tkES India) and the associated technology package from the thyssenkrupp group has been licensed/transferred to the Company (together, the Transaction). The total purchase consideration for the Transaction (including closing adjustments) is Rs 4,158.6 crore.

tkES India is one of the first manufacturers of grain-oriented electrical steel (GOES) in India with its facility located in Nashik, Maharashtra. The acquisition provides the Company with access to cutting-edge technology thereby aligning with its strategy of enhancing its value-added portfolio.

In February 2024, JFE Steel Corporation and JSW established J2ES, with the aim of setting up an integrated greenfield project for manufacturing GOES in India by 2027. Now, through this acquisition, J2ES has been able to achieve instant market access and can promptly establish an integrated system from manufacturing to sales of GOES in India.

JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.

JSW Steel Share Price

1274.85 34.95 (2.82%)
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