The sale of Thyssenkrupp Electrical Steel India Private Ltd. has been completed. The transaction was officially completed today, with the buyer being a joint venture between JSW Steel Limited—India’s largest steelmaker and part of the JSW Group—and JFE Steel Corporation, which is Japan’s second-largest steel producer.
The target company is based in Nashik, approximately 150 kilometers from Mumbai, India’s financial hub. It specializes in the production of grain-oriented electrical steel, a high-performance material essential for efficient energy conversion, transmission, and utilization.
This specialty steel is widely used in transformers and large high-performance generators, playing a critical role in the power sector, says the official report by ThyssenKrupp.
The transaction is said to mark a strategic shift in ownership, positioning the joint venture to strengthen its presence in the electrical steel market with around 500 people working at the Nashik site.
The Joint Venture acquired the company, which was formerly a subsidiary of ThyssenKrupp Electrical Steel GmbH, Gelsenkirchen, for a purchase price of around 440 million euros.
“Due to the cost-intensive transportation of raw materials from Germany to India, we would not have been able to develop the site in Nashik competitively in the long term. The sale was therefore the right step,” said Dennis Grimm, CEO of ThyssenKrupp Steel. “In addition, the sale contributes to strengthening the capital base of our company.”