The Naveen Jindal-owned business house is likely to complete the acquisition, worth around INR 1,000 crore, by the end of this fiscal year through its arm Jindal Steel International.

Oct 7, 2024

Homegrown Jindal Group is looking forward to entering the European markets by acquiring a 100 percent stake in the traditional European producer of rolled steel products, Vitkovice Steel.

As per sources, the Naveen Jindal-owned business house is likely to complete the acquisition by the end of this fiscal year through its arm Jindal Steel International.

This will be the Jindal Group’s first acquisition in Europe. The Indian conglomerate has a significant footprint in countries like Australia, Mozambique and Oman in sectors such as steel, power and mining.

Sources further said that the management of the two sides were in active talks for the deal, estimated to be worth around INR 1,000 crore.

As per a statement issued by  Vitkovice Steel, the company would have a new strong owner, who would provide it with green steel and investment in development. The world-famous industrial group from India, active not only in the steel industry, but also in the energy and mining industries, would acquire 100 percent of the shares in the Ostrava company.

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“This is a strategic step and we are convinced that it will strengthen the company and the Czech steel industry. The new industrial owner will bring the company stability and above all development in the form of massive investments in modernisation and expansion of production technologies, sharing of foreign know-how and moving towards environmentally produced low-emission steel,” said Radek Strouhal, CEO of  Vitkovice Steel.