Noida: Industrialist Naveen Jindal led Jindal Group is expanding its global presence with the acquisition of entire equity stake in Czech based Vitkovice Steel through the deal which would be of around 1000 crore in Indian currency.
Besides domestic market, the business house operates in sectors like steel, power and mining in countries like Oman, Australia, Botswana and Mozambique.
The two parties are engaged in discussions for over a year for the deal which is likely to be closed at around 150 million euros which calculates around 1000 rupees.
A financial study is underway in which Jindal Group is assessing the feasibility of the acquisition as to how will it benefit the group.
The deal will allow Jindal to expand its presence upto Europe proving a market there amid carbon border adjustment regulations of the European Union.
The regulation discourages production and sale of Steel made through blast furnace route which emits high level of Co2.
As part of efforts to contribute to green initiatives, Jindal Group is already setting up a hydrogen-based steel manufacturing unit through its arm Vulcan Green Steel (VGS) in Oman.
The Oman plant and the acquisition deal will give a strong footing to Jindal Group in Middle East and Europe.
