Thyssenkrupp AG, a global diversified industrials group, has signed definitive agreements with Jsquare Electrical Steel Nashik, a wholly owned subsidiary of JSW JFE Electrical Steel, to divest 100% stake in its Indian entity, thyssenkrupp Electrical Steel India Private Limited (tkES India) for ₹4,051.4 crore.
tkES India is the only manufacturer of top-grade Grain Oriented Electrical Steel (GOES) in India with its facility located in Nashik, Maharashtra.
The transaction is subject to approval from the Competition Commission of India,” JSW Steel said in a filing with the exchanges.
“The long stop date for the transaction is 8 months from the date of signing or such other time period as may be mutually agreed by the parties,” it added.
Published - October 18, 2024 08:43 pm IST
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