Construction Industry News
JSW Steel, in partnership with Japan’s JFE Steel Corp, has completed the acquisition of Thyssenkrupp Electrical Steel (TKES) India for Rs 40.51 billion. The 50:50 joint venture, to be known as Jsquare Electrical Steel Nashik, will also secure technology licenses or transfers from Thyssenkrupp as part of the transaction.
JSW Steel, in partnership with Japan’s JFE Steel Corp, has completed the acquisition of Thyssenkrupp Electrical Steel (TKES) India for Rs 40.51 billion. The 50:50 joint venture, to be known as Jsquare Electrical Steel Nashik, will also secure technology licenses or transfers from Thyssenkrupp as part of the transaction.
The plant, originally established in 1995 by Raymond Ltd for the production of electrical and carbon steel, was acquired in stages by Thyssenkrupp, with the German company taking full control in 2000.
Emphasizing the strategic importance of the deal, JSW Steel CEO Jayant Acharya said, “The demand for GOES is growing rapidly. This acquisition will enable the JSW-JFE consortium to produce these essential materials indigenously and serve both the Indian and international markets.”
The joint venture intends to use this acquisition to gain direct access to the market and meet the growing demand for electrical steel. In 2023, JSW and JFE formalized their collaboration to produce and sell cold-rolled grain-oriented electrical sheets, following a 2021 memorandum of understanding to explore the feasibility of the venture.
To further expand its footprint, the consortium is investing Rs 5,500 crore to set up a new plant in Bellary, Karnataka, with production slated to commence in FY27. These electrical steel products, which contain silicon and aluminium, play a key role in improving the efficiency of transformers by minimising energy losses in power transmission and distribution systems.
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