The Competition Commission of India approved the proposed acquisition of Thyssenkrupp Electrical Steel India Private Limited by Jsquare Electrical Steel Nashik Private Limited. The proposed combination envisages inter alia the acquisition of 100% share capital of thyssenkrupp Electrical Steel India Private Limited (Thyssenkrupp India) by Jsquare Electrical Steel Nashik Private Limited (Jsquare).

Jsquare, a newly incorporated company, is a wholly owned subsidiary of JSW JFE Electrical Steel Private Limited (J2ES). J2ES, incorporated in 2023, is a 50:50 joint venture between JSW Steel Limited (JSW Steel) and JFE Steel Corporation (JFE Steel). J2ES currently does not have any commercial operations. However, it is expected to commence manufacturing and sale of grain-oriented electrical steel (GOES) in India from 2027 onwards. The JSW Group is engaged in sectors, such as steel, energy, infrastructure, automotive, defense, realty, and cement. JFE Group is engaged in business centered around the production of steel.

Thyssenkrupp Indiais engaged in the business of manufacturing and sale of GOES.

Detailed order of the Commission will follow.

Merger approval: acquisition enables JSW-JFE joint venture's entry into grain oriented electrical steel market via Jsquare. The Competition Commission cleared the acquisition of 100% share capital of Thyssenkrupp Electrical Steel India Private Limited by Jsquare Electrical Steel Nashik Private Limited. Thyssenkrupp India manufactures and sells grain oriented electrical steel (GOES). Jsquare is a newly formed wholly owned subsidiary of JSW JFE Electrical Steel Private Limited (J2ES), a 50:50 joint venture between JSW Steel and JFE Steel; J2ES is pre operational and expects to commence GOES production in India from 2027. A detailed Commission order will follow.