Joint Venture18 Oct 2024, 11:51 pm
JSW Steel Acquires 100% Interest in thyssenkrupp Electrical Steel India for INR 4,051.40 Crore
AI Summary
JSW Steel Ltd. has entered into a share purchase agreement to acquire 100% equity shares of thyssenkrupp Electrical Steel India Private Limited (tkES India) through its subsidiary Jsquare Electrical Steel Nashik Private Limited. The transaction also includes the licensing/transfer of associated technology package relating to the operations of tkES India to JSW Steel from the thyssenkrupp group. The total purchase consideration is INR 4,051.40 crore. The completion of the transaction is subject to regulatory approval and satisfaction of customary conditions precedent.
Key Highlights
- JSW Steel to acquire 100% equity interest in tkES India through its subsidiary Jsquare Electrical Steel Nashik Private Limited.
- The transaction includes the licensing/transfer of associated technology package relating to the operations of tkES India to JSW Steel from the thyssenkrupp group.
- The total purchase consideration is INR 4,051.40 crore.
- The completion of the transaction is subject to regulatory approval and satisfaction of customary conditions precedent.
- tkES India is involved in the business of manufacture and sale of grain-oriented electrical steel with its facility located in Nashik, Maharashtra, and had a turnover of INR 1,271 crore in FY24.