To strengthen its global presence, homegrown Jindal Group is talks with Vitkovice Steel to acquire 100 per cent stake in the Czech-based company. The group is expected to complete the acquisition by the end of this fiscal year through its arm Jindal Steel International, sources said.
It will be Jindal Group’s first acquisition in Europe.
The Naveen Jindal-owned business house already has significant presence in geographies like Australia, Mozambiquie and Oman in sectors such as steel, power and mining.
“The management of the two sides are in active talks for the deal. As part of the deal, Jindal Group will acquire 100 per cent stake in Vitkovice Steel. This will be Jindal Group’s first acquisition in Europe,” industry sources said.
As per sources, the deal size could be of about 150 million euros (around Rs 1,000 crore), they said.
The acquisition of Vitkovice Steel will help the Jindal Group to make a foothold in the European market, which is putting checks in the form of CBAM (carbon border adjustment tax) to promote green steel.
The group is also setting up a hydrogen-based steel manufacturing unit through its arm Vulcan Green Steel (VGS) in Oman.
Source: Economic Times