Jindal Group in talks to amass Czech-based Vitkovice Metal for €150 million

Jindal Group is in talks with Vitkovice Metal to amass a 100% stake within the Czech-based firm
| Picture Credit score: Reuters

To strengthen its world presence, homegrown Jindal Group is in talks with Vitkovice Metal to amass a 100% stake within the Czech-based firm.

“The group is predicted to finish the acquisition by the tip of this fiscal yr by its arm Jindal Metal Worldwide,” sources mentioned.

It will likely be Jindal Group’s first acquisition in Europe.

The Naveen Jindal-owned enterprise home already has a major presence in geographies like Australia, Mozambique and Oman in sectors resembling metal, energy and mining.

“The administration of the 2 sides are in energetic talks for the deal. As a part of the deal, Jindal Group will purchase 100% stake in Vitkovice Metal. This will likely be Jindal Group’s first acquisition in Europe,” business sources mentioned.

“As per sources, the deal dimension might be of about €150 million (round ₹1,000 crore),” they mentioned.

The acquisition of Vitkovice Metal will assist the Jindal Group to make a foothold within the European market, which is placing checks within the type of CBAM (carbon border adjustment tax) to advertise inexperienced metal.

The group can be organising a hydrogen-based metal manufacturing unit by its arm Vulcan Inexperienced Metal (VGS) in Oman.