JSW Steel has acquired thyssenkrupp Electrical Steel (tKES) India Private Limited, the specialty steel unit of German engineering group thyssenkrupp, for INR 4158 crore.

Feb 5, 2025

JSW Steel Limited, in collaboration with Japan’s JFE Steel Corporation, has successfully completed the acquisition of thyssenkrupp Electrical Steel (tKES) India Private Limited, the specialty steel unit of German engineering group thyssenkrupp, located in Nashik, Maharashtra, for INR 4,158 crore.

On October 18, 2024, JSW Steel had announced plans to acquire tKES India in an all-cash deal through Jsquare Electrical Steel Nashik, a 50:50 joint venture between JSW Steel and JFE Steel Corporation.

Following the acquisition on January 30, 2025, Jsquare now owns 100 percent of equity interest in tKES India, one of the first manufacturers of grain-oriented electrical steel (GOES) in the country.

The JV has also secured agreements for technology licenses or transfers from thyssenkrupp group entities. As per an exchange filing by JSW Steel, the agreements will ensure seamless transfer of intellectual property and manufacturing expertise to Jsquare.

The leading steel manufacturer and a flagship company of the JSW Group earlier said in a statement that the transaction aimed at enhancing production of electrical steel in India.

Also Read: JTL Industries Secures INR 24 Crore Order for Supply of 3,000 MT GI Pipes

The Sajjan Jindal-owned JSW and JFE had formed a joint venture – JSW JFE Electrical Steel Private Limited in February, 2024, to make electrical steel in India. The two companies committed to investing INR 5,500 crore to set up a manufacturing unit in Karnataka, which is expected to commence production by FY27.