- | 5:46 pm
Jindal Group may acquire Czech company Vitkovice Steel: report
The deal could be priced at €150 million (around $163 million), some reports estimated.
Jindal Group is considering acquiring Czech company Vitkovice Steel to strengthen its global footprint. The deal is expected to be completed by the end of this fiscal year and is likely to be priced at $163 million, some reports quoted. According to the news agency PTI, if the bid is successful, it will be the group’s first acquisition in Europe.
The Naveen Jindal-owned company operates in steel, power, and mining verticals and has offices in Australia, Mozambique, and Oman. Citing sources aware of this development, the news agency reported that the management of both companies is negotiating this deal.
Europe Commission is implementing tariffs as a carbon border adjustment tax to promote green steel. The group also plans to establish an Oman hydrogen-based steel manufacturing unit through its arm, Vulcan Green Steel (VGS).
In another development, JSW Energy has informed the exchanges that, as per the definitive agreement, its subsidiary, JSW Neo Energy Limited, has agreed to acquire the following three special purpose vehicles of Hetero Group totaling 125 MW of renewable capacity: Hetero Wind Power, Hetero Wind Power (Pennar), and Hetero Med Solutions Limited. This transaction’s firm value is ₹630 crores, subject to closing adjustments.
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