Jindal Group in talks to acquire Vitkovice Steel for Euro 150 mn

22 Oct 2024 CW Team

To enhance its global footprint, India’s Jindal Group is negotiating to acquire a 100% stake in Czech-based Vitkovice Steel for approximately €150 million (around Rs 1,000 crore). The acquisition is expected to be finalized by the end of the fiscal year through Jindal Steel International.

This would mark Jindal Group's first acquisition in Europe. The Naveen Jindal-led conglomerate already has a notable presence in regions like Australia, Mozambique, and Oman across sectors such as steel, power, and mining.

Industry sources indicate that discussions are ongoing, with both parties actively engaged in finalizing the deal. The acquisition is strategically significant as it allows Jindal Group to establish a foothold in the European market, which is implementing measures like the carbon border adjustment tax (CBAM) to encourage the production of green steel.

Additionally, the group is in the process of setting up a hydrogen-based steel manufacturing unit through its subsidiary, Vulcan Green Steel (VGS), in Oman.

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