The Jindal Group, a prominent Indian conglomerate, is currently negotiating to acquire a complete 100% stake in Czech-based Vitkovice Steel through its subsidiary, Jindal Steel International. This potential acquisition, valued at approximately €150 million, would mark Jindal’s inaugural foray into the European market, with completion anticipated by the end of the fiscal year.
In a bid to expand its global footprint, the Naveen Jindal-led group is aiming to finalize this significant deal, which underscores its strategic intentions to enhance its presence in Europe. With a robust operational base in regions such as Australia, Mozambique, and Oman across various sectors including steel, power, and mining, this move represents a pivotal shift in Jindal’s international strategy.
Industry insiders have indicated that negotiations between both parties are progressing actively, with the acquisition set to establish a strong foothold for the Jindal Group in the European steel market. This venture is particularly timely, as the European Union implements measures such as the Carbon Border Adjustment Mechanism (CBAM) to encourage sustainable steel production.
Furthermore, the Jindal Group is advancing its commitment to green technologies by establishing a hydrogen-based steel manufacturing unit in Oman through its subsidiary, Vulcan Green Steel (VGS), highlighting its dedication to environmentally friendly practices.