Cyril Amarchand Mangaldas (“CAM”) advised thyssenkrupp AG (“tkAG” - the ultimate parent company in the thyssenkrupp group of entities) in relation to the proposed divestment of 100% of the shareholding in thyssenkrupp Electrical Steel India Private Limited (the “Company”), by tkAG’s subsidiaries, thyssenkrupp Electrical Steel GmbH and thyssenkrupp Electrical Steel UGO S.A.S. The Company is based out of Nashik, Maharashtra and is engaged in the business of manufacturing and sale of grain oriented electrical steel utilized in power transformers. JSW Steel and JFE Steel are making this acquisition through a wholly owned subsidiary of their 50:50 joint venture, Jsquare Electrical Steel Nashik Private Limited.

Transaction was led by Siddharth Hariani, Partner; Sharada Ramachandra, Partner; with the support from Vaishnavi Eshwar, Senior Associate; Piyush Langade, Associate and Ashwin Satheesh, Associate; assisted with the transaction and vendor due diligence.

Ankita Ray, Partner; with the support from Faiza Khan, Senior Associate; Sonam Ambastha, Associate; assisted with the employment law related aspects as a part of the vendor due diligence.

Siddharth Hariani, Partner; with the support from Anjali Kadam, Consultant; and Neha Shah, SA – Designate; assisted with the real estate aspects as a part of the vendor due diligence.

Avaantika Kakkar, Partner & Head – Competition; and Vijay Chauhan, Partner; with the support from Rajat Sharma, Senior Associate; and Srishti Chhabra, Associate; assisted with the competition law aspects.

Other parties to the transaction included: Avendus Capital Private Limited (Acted as transaction advisor to thyssenkrupp AG).

The transaction was signed on 18th October, 2024 and is subject to CCI approval.