India’s JSW Steel Limited has successfully completed the acquisition of thyssenkrupp Electrical Steel India Private Limited (TKES India), through the former’s wholly-owned subsidiary Jsquare Electrical Steel Nashik Private Limited, a JSW Steel Limited statement said on Friday, January 31.
The deal was finalised on January 30, following an earlier share purchase agreement signed on October 18, 2024, the statement said.
The acquisition was carried out by Jsquare, a subsidiary of JSW JFE Electrical Steel Private Limited, a 50:50 joint venture between JSW Steel Limited and JFE Steel Corporation, Japan. With this transaction, Jsquare now holds 100 percent equity ownership in TKES India.
In addition to acquiring TKES India, JSW Steel has also secured agreements with Thyssenkrupp group entities for the licensing and transfer of key technologies. These agreements, which ensure the seamless transfer of intellectual property and manufacturing expertise, have also come into effect as of January 30, JSW Steel Limited said in a regulatory filing.
The total transaction value was $480.20 million.
This acquisition is expected to enhance JSW Steel’s manufacturing capabilities in electrical steel production, a critical component in sectors like automotive, power, and renewable energy.