Jindal Group in talks to acquire Czech-based Vitkovice Steel for €150 million

Jindal Group is successful talks with Vitkovice Steel to get a 100% involvement successful the Czech-based company | Photo Credit: Reuters

To fortify its planetary presence, homegrown Jindal Group is successful talks with Vitkovice Steel to get a 100% involvement successful the Czech-based company.

“The radical is expected to implicit the acquisition by the extremity of this fiscal twelvemonth done its limb Jindal Steel International,” sources said.

It volition beryllium Jindal Group's archetypal acquisition successful Europe.

The Naveen Jindal-owned concern location already has a important beingness successful geographies similar Australia, Mozambique and Oman successful sectors specified arsenic steel, powerfulness and mining.

"The absorption of the 2 sides are successful progressive talks for the deal. As portion of the deal, Jindal Group volition get 100% involvement successful Vitkovice Steel. This volition beryllium Jindal Group's archetypal acquisition successful Europe," manufacture sources said.

“As per sources, the woody size could beryllium of astir €150 cardinal (around ₹1,000 crore),” they said.

The acquisition of Vitkovice Steel volition assistance the Jindal Group to marque a foothold successful the European market, which is putting checks successful the signifier of CBAM (carbon borderline accommodation tax) to beforehand greenish steel.

The radical is besides mounting up a hydrogen-based alloy manufacturing portion done its limb Vulcan Green Steel (VGS) successful Oman.

Published - October 20, 2024 11:07 americium IST