(Reuters) – Indian steel producer JSW Steel said on Friday its joint venture firm entered into a deal to buy thyssenkrupp Electrical Steel India for $482.1 million.
Jsquare Electrical Steel Nashik is a 50:50 joint venture between JSW Steel and Japanese steel producer JFE Steel Corp.
Thyssenkrupp Electrical Steel – the Indian unit of German steel distributor thyssenKrupp Electrical Steel, Germany – primarily manufactures cold rolled grain oriented and cold rolled non-grain oriented electrical steel.
“The market for grain oriented electrical steel is growing rapidly. This acquisition will enable the consortium of JSW and JFE to manufacture this product in India and supply it to customers in India and globally,” JSW Steel CEO Jayant Acharya said.
Separately, JSW Steel is expected to post its July to September quarter results on Oct. 25.
(Reporting by Yagnoseni Das in Bengaluru; Editing by Shailesh Kuber)
