Jindal Group in talks to acquire Czech-based Vitkovice Steel for €150 million
The Hindu
Jindal Group in talks to acquire Czech-based Vitkovice Steel, expanding global presence with first European acquisition.
To strengthen its global presence, homegrown Jindal Group is in talks with Vitkovice Steel to acquire a 100% 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 a significant presence in geographies like Australia, Mozambique 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% 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 (around ₹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.
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