JSW Steel-JFE JV to acquire Thyssenkrupp Co for Rs 4kcr
JSW Steel joint venture with Japan's JFE Steel Corp will fully acquire Thyssenkrupp Electrical Steel (TKES) India for ₹4,051.40 crore.
The 50:50 joint venture between the two steelmakers is also looking at licensing or transfer of associated technology from Thyssenkrupp, which is included in the deal value.
TKES India manufactures grain-oriented electrical steel, used in the making of transformers and generators, at its Nashik facility.
The plant has been approved by multiple utilities and original equipment manufacturers in India, including state-owned Power Grid Corp of India. Sheets manufactured at the unit are also exported, TKES said on its website.
The unit was started in 1995 by Raymond Ltd as a manufacturer of electrical and carbon steel. In 2000, Thyssenkrupp took a 76% stake in the company and fully acquired it subsequently.
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