Sajjan Jindal, Chairman and Managing Director, JSW Steel, heads the company which will acquire a 100 per cent stake in thyssenkrupp Electrical Steel India (tkES India) jointly with Japan’s JFE Steel Corporation for Rs.40.51 billion.

The acquisition is in line with its strategy of enhancing its proportion of value-added steel products and grain-oriented electrical steel, an important material in the production of energy-efficient transformers and high performance generators.

The acquisition will enable JSW and JFE to achieve instant market access and establish an integrated system from manufacturing to sales of grain-oriented electrical steel in India.

The market for grain-oriented steel is growing rapidly and 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, which will enable import substitution and hence take another step towards a self-reliant India.

The acquisition comes on the back of a planned investment of Rs.55 billion announced earlier this year by JSW and JFE for production of grain-oriented electrical steel in India.