thyssenkrupp completes sale of Indian business
The sale of thyssenkrupp Electrical Steel India Private Ltd. to a Joint Venture has been completed.
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India, Maharashtra: The sale of thyssenkrupp Electrical Steel India Private Ltd. has been completed. thyssenkrupp Steel announced that the transaction was officially closed on January 30. The buyer is a Joint Venture which belongs to India’s largest steelmaker, JSW Steel Limited and JFE Steel Corporation.
The company, located in Nashik, around 150 kilometers from Mumbai, manufactures grain-oriented electrical steel, a material used wherever electrical energy is efficiently converted, transported, and used, such as in transformers and large high-performance generators. The Nashik site has approximately 500 employees.
The Joint Venture acquired the company, which used to be a subsidiary of thyssenkrupp Electrical Steel GmbH, for a purchase price of around €440 million ($457.3 million). “Due to the cost-intensive transportation of raw materials from Germany to India, we would not have been able to develop the site in Nashik competitively in the long term. The sale was therefore the right step. In addition, the sale contributes to strengthening the capital base of our company,” explains Dennis Grimm, CEO of thyssenkrupp Steel.
Source: thyssenkrupp Steel
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