JSW Steel-JFE JV acquires Thyssenkrupp India for Rs 40.51 billion
ECONOMY & POLICY

JSW Steel-JFE JV acquires Thyssenkrupp India for Rs 40.51 billion

JSW Steel, in partnership with Japan’s JFE Steel Corp, has finalized the acquisition of Thyssenkrupp Electrical Steel (TKES) India for Rs 40.51 billion. The 50:50 joint venture, known as Jsquare Electrical Steel Nashik, will also secure technology licenses or transfers from Thyssenkrupp as part of the transaction.

TKES India, based in Nashik, specializes in manufacturing grain-oriented electrical steel (GOES), a crucial material used in transformers and generators. Its products have been certified by major utilities and original equipment manufacturers (OEMs) in India, including the Power Grid Corporation of India. Additionally, the unit exports electrical sheets to global markets.

The plant, originally established in 1995 by Raymond Ltd to produce electrical and carbon steel, was acquired by Thyssenkrupp in stages, with the German company taking full control by 2000.

JSW Steel CEO Jayant Acharya highlighted the strategic importance of the deal, stating, “The demand for GOES is rising rapidly. This acquisition enables the JSW-JFE consortium to produce these essential materials domestically and cater to both Indian and international markets.”

The joint venture aims to leverage this acquisition to gain immediate market access and meet growing demand for electrical steel. In 2023, JSW and JFE formalized their collaboration to manufacture and sell cold-rolled, grain-oriented electrical sheets, following a 2021 memorandum of understanding to explore the venture’s feasibility.

Further expanding their presence, the consortium is investing ?5,500 crore to build a new plant in Bellary, Karnataka, with production slated to begin in FY27. These electrical steel products, containing silicon and aluminium, play a key role in improving transformer efficiency by minimizing energy losses in power transmission and distribution systems.

Avendus Capital advised on the acquisition.

(ET)

JSW Steel, in partnership with Japan’s JFE Steel Corp, has finalized the acquisition of Thyssenkrupp Electrical Steel (TKES) India for Rs 40.51 billion. The 50:50 joint venture, known as Jsquare Electrical Steel Nashik, will also secure technology licenses or transfers from Thyssenkrupp as part of the transaction. TKES India, based in Nashik, specializes in manufacturing grain-oriented electrical steel (GOES), a crucial material used in transformers and generators. Its products have been certified by major utilities and original equipment manufacturers (OEMs) in India, including the Power Grid Corporation of India. Additionally, the unit exports electrical sheets to global markets. The plant, originally established in 1995 by Raymond Ltd to produce electrical and carbon steel, was acquired by Thyssenkrupp in stages, with the German company taking full control by 2000. JSW Steel CEO Jayant Acharya highlighted the strategic importance of the deal, stating, “The demand for GOES is rising rapidly. This acquisition enables the JSW-JFE consortium to produce these essential materials domestically and cater to both Indian and international markets.” The joint venture aims to leverage this acquisition to gain immediate market access and meet growing demand for electrical steel. In 2023, JSW and JFE formalized their collaboration to manufacture and sell cold-rolled, grain-oriented electrical sheets, following a 2021 memorandum of understanding to explore the venture’s feasibility. Further expanding their presence, the consortium is investing ?5,500 crore to build a new plant in Bellary, Karnataka, with production slated to begin in FY27. These electrical steel products, containing silicon and aluminium, play a key role in improving transformer efficiency by minimizing energy losses in power transmission and distribution systems. Avendus Capital advised on the acquisition. (ET)

Next Story
Infrastructure Urban

Ludhiana Unveils New C&D Waste Plant in Dhandhari

The Ludhiana Municipal Corporation is set to commission its long awaited Construction and Demolition (C&D) Waste Plant at Dhandhari, marking a major stride in sustainable waste management for the city. Initially conceived under the Smart City Mission, the project was later transferred to the Swachh Bharat Mission after design changes and rising costs.Estimated at Rs 26.9 million when first proposed, the scheme grew more complex once the chosen site proved to be an active dumpsite, requiring extensive trash removal and the erection of structural pillars. The contract was finally awarded..

Next Story
Building Material

Icra Sees 80–85 MT Cement Capacity Boost in Two Years

India’s cement industry is poised for its biggest expansion in years, with new capacity of 80–85 million metric tonnes (MT) scheduled over the next two financial years, a report by Icra shows. Production is forecast to reach 480–485 MT in FY2026—an increase of 6–7 per cent year on year—after climbing 6.3 per cent to 453 MT in FY2025, thanks to solid demand from housing and government led infrastructure projects.Icra expects 40–42 MT of fresh capacity to come on line in FY2026, up from 31 MT in FY2025. The eastern region will lead the way, adding about 14–1..

Next Story
Building Material

UltraTech Adds 1.8 Million Tonne Mill at Maihar Plant

UltraTech Cement Ltd, India’s largest cement maker, has commissioned its second cement grinding mill at the Maihar complex in Madhya Pradesh, adding 1.8 million tonnes per annum to production. The company said the start up aligns with its continuing expansion programme announced earlier this year.The first Maihar mill came on stream in March 2025. With the new line, UltraTech’s domestic grey cement capacity rises to 186.86 million tonnes per annum (mtpa); including overseas operations, total capacity reaches 192.26 mtpa.Financially, UltraTech recorded EBITDA of about Rs 46.18..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?