Jsquare Electrical Steel Acquires tkES India for Rs 4,158 cr

New Delhi, Jan 30 (PTI) Jsquare Electrical Steel Nashik Pvt Ltd has completed 100 per cent stake acquisition in tkES India at a transaction value of Rs 4,158.6 crore, according to an exchange filing on Thursday.

Jsquare Electrical Steel Nashik Pvt Ltd is a wholly owned subsidiary of JSW JFE Electrical Steel Pvt Ltd (J2ES), which is a 50:50 joint venture between JSW Steel and JFE Steel Corporation (JFE) of Japan.

The JV has completed acquisition of 100 per cent equity interest in thyssenkrupp Electrical Steel India Pvt Ltd (tkES India), JSW Steel said in the filing.

"The total purchase consideration for the transaction (including closing adjustments) is Rs 4,158.6 crore," the JSW Group firm said.

Besides, the associated technology package from the thyssenkrupp group has also been licensed/transferred along with the transaction.

tkES India is one of the first manufacturers of grain-oriented electrical steel (GOES) in India with its facility located in Nashik, Maharashtra.

In February 2024, JFE Steel 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 Joint Managing Director & CEO Jayant Acharya said, "We have completed this transaction which will set us up for a leadership position in the rapidly growing GOES market in India.

"This is in line with JSW's strategic intent to increase our share of value added products in the portfolio and is also a step towards a self-reliant India.