JFE, JSW to buy Thyssenkrupp's Indian GOES venture

In a move to kick-start their own electrical sheet manufacturing plans in India, Japan's JFE Steel and India's JSW Steel have concluded a deal with Germany's Thyssenkrupp AG to acquire Thyssenkrupp Electrical Steel India, the German firm's local subsidiary making grain oriented electrical steel sheets (GOES), the three firms announced on October 18.

Thyssenkrupp Electrical Steel India is located in Nashik, about 160 kilometers northeast of Mumbai in Maharashtra state, and was established in 2000. Although the statement gave no details of the Nashik plant's GOES capacity, Indian media reports put this at 50,000 tonnes/year and noted that in February last year,