JSW Steel Unit to Raise Rs 26 Bn for Thyssenkrupp Acquisition

22 Jan 2025 CW Team

A JSW Steel group entity is planning to raise Rs 26 billion through a three-year zero-coupon bond to fund its Rs 39-billion acquisition of Thyssenkrupp Electrical Steel India from Germany's Thyssenkrupp Group. The financing for the deal will include Rs 26 billion in debt and Rs 13 billion in equity.

The bond, set to be raised on January 24, carries an implied yield of 9.45 per cent. This fundraising is being carried out by Jsquare Electrical Steel Nashik (JESPL), a subsidiary of JSW JFE Electrical Steel, which was established in September 2024. JSW JFE Electrical Steel is a joint venture between JSW Steel and Japan's JFE Steel, the latter being Japan's second-largest steelmaker.

As part of the arrangement, both partners will contribute Rs 13 billion in equity to Jsquare and provide a board-approved letter of comfort to ensure that the company can meet its financial commitments related to the bond issuance, according to the bond's terms.

Jsquare, currently without its own operations, was set up just four months ago. Following the acquisition, the joint venture plans to rebrand Thyssenkrupp Electrical Steel India to reflect the JSW and JFE brands.

The transaction will grant JSW Steel (JSWSL) an exclusive license from Thyssenkrupp to manufacture cold rolled grain oriented (CRGO) electrical steel in India, a capability limited to a select few steel producers globally. Additionally, Jsquare is expected to benefit from managerial, financial, and operational support from both JV partners, according to Care Ratings, which assigned an AA- Stable rating to the proposed non-convertible debentures (NCDs).

JSW Steel currently has a production capacity of 35.7 million tonnes per annum (MTPA), including 1.5 MTPA in the United States, while JFE Steel is a globally renowned steel manufacturer with a long-standing collaboration with JSW Steel.

Infrastructure Transport

17 Sep 2025

Adani wins Kedarnath ropeway project to cut trek to 36 minutes

Adani Enterprises Ltd (AEL) has secured the contract to build a 12.9-km ropeway connecting Sonprayag with Kedarnath, a project expected to transform the pilgrimage experience. Awarded by National Highways Logistics Management Ltd (NHLML), the project will be executed under the National Ropeways Development Programme – Parvatmala Pariyojana.Currently, pilgrims undertake a gruelling nine-hour trek to Kedarnath. The ropeway will reduce this journey to just 36 minutes and can transport 1,800 passengers per hour in each direction, serving the nearly 20 lakh devotees who visit annually.The Rs 25,0..

Gurugram Rapid Metro to shift from DMRC to GMRL control

The Haryana Mass Rapid Transport Corporation Limited (HMRTC) has begun the process of transferring Gurugram’s Rapid Metro operations from the Delhi Metro Rail Corporation (DMRC) to Gurugram Metro Rail Limited (GMRL). The decision was taken at HMRTC’s 62nd Board meeting, chaired by chief secretary Anurag Rastogi.Committees have been formed to oversee the transition, covering technical, legal, and operational aspects, with definitive timelines being prepared. Until the transfer is complete, the system will be managed jointly by DMRC and GMRL.The Rapid Metro has shown notable performance impr..

Chandigarh Metro cost climbs to Rs 25,000 crore amid delays

The long-awaited Chandigarh Tricity Metro project has seen its estimated cost balloon to nearly Rs 25,000 crore, following delays in approvals by the Union Territory administration. The cost, which stood at Rs 23,263 crore in February 2025, has risen by Rs 1,737 crore in just seven months, according to officials.The matter was raised during the transport standing committee meeting of the Administrator’s Advisory Council, chaired by AAP state president Vijay Pal. A presentation by Rail India Technical and Economic Service (RITES) strongly recommended that the Metro is the most suitable mass r..