To strengthen its global presence, local Jindal group is in talks with Vitkovice Steel to acquire 100 percent of the Czech company.
The group is expected to complete the acquisition by the end of this fiscal year through its subsidiary Jindal Steel International, sources said.
It will be the Jindal Group’s first acquisition in Europe.
The Naveen Jindal-owned trading house already has a significant presence in geographies such as Australia, Mozambique and Oman in sectors such as steel, energy and mining.
“The managements of both parties are in active talks for the deal. As part of the deal, Jindal Group will acquire 100 percent of the shares of Vitkovice Steel. This will be Jindal Group’s first acquisition in Europe,” industry sources said. .
According to sources, the size of the deal could be around €150 million (around Rs 1,000 crore), they said.
The acquisition of Vitkovice Steel will help the Jindal group establish itself in the European market, which is putting in place brakes in the form of CBAM (carbon border adjustment tax) to promote green steel.
The group is also establishing a hydrogen-based steelmaking unit through its subsidiary Vulcan Green Steel (VGS) in Oman.
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