Pvt Jindal firm bids for Thyssenkrupp's European steel biz

Nearly two decades after Tata Steel's landmark Corus buyout and Lakshmi Mittal's creation of ArcelorMittal through a bitterly fought hostile takeover, Indian steel is again in the reckoning in Europe, with tycoon Naveen Jindal making an unsolicited offer to acquire Germany's largest steelmaker.

- Dipali Banka & Nehal Chaliawala

According to a media statement issued on Tuesday evening, Jindal's offer to acquire Thyssenkrupp Steel Europe—part of leading German industrial and technology group Thyssenkrupp AG-has been made through his private company, Jindal Steel International.

While the bid amount has not been disclosed, Jindal Steel International has committed to invest €2 billion (nearly ₹21,000 crore) in the company towards decarbonization to secure steel production within Germany, as part of its bid.

This includes completion of an underdevelopment direct reduced iron (DRI) plant at Duisburg in the Ruhr region of Germany, and establishing additional electric arc furnaces for converting this DRI into steel using electricity.

In an emailed response to Mint, Thyssenkrupp AG confirmed that it has received a nonbinding offer from Jindal.