Jindal Group in talks to acquire Czech-based Vitkovice Steel for Rs 1k cr

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.

JSW Energy acquires 125 Mw wind portfolio in Rs 630 cr deal

JSW Energy has informed the exchanges, JSW Neo Energy, a wholly-owned subsidiary of the company, has executed definitive agreements to acquire  three special purpose vehicles (“3 SPVs”) from Hetero Labs and Hetero Drugs. Upon consummation of the transaction, the 3 SPVs will become subsidiaries of JSW Neo. The three SPVs  collectively hold a portfolio of 125 MW of Wind Energy generation capacity. JSW Energy said the transaction is for an enterprise value of Rs 630 crore, subject to net working capital adjustments and other adjustments at the time of closing.