To strengthen its international presence, homegrown Jindal Group is in talks with Vitkovice Metal to accumulate a 100% stake within the Czech-based firm.
“The group is expected to complete the acquisition by the end of this fiscal year through its arm Jindal Steel International,” sources mentioned.
It is going to be Jindal Group’s first acquisition in Europe.
The Naveen Jindal-owned enterprise home already has a big presence in geographies like Australia, Mozambique and Oman in sectors reminiscent of metal, energy 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,” business sources mentioned.
“As per sources, the deal size could be of about €150 million (around ₹1,000 crore),” they mentioned.
The acquisition of Vitkovice Metal will assist the Jindal Group to make a foothold within the European market, which is placing checks within the type of CBAM (carbon border adjustment tax) to advertise inexperienced metal.
The group can be establishing a hydrogen-based metal manufacturing unit by its arm Vulcan Inexperienced Metal (VGS) in Oman.
Printed – October 20, 2024 11:07 am IST
