Jindal Stainless expands in India and bids for Thyssenkrupp Steel Europe

Jindal Stainless is expanding its operations in India and pursuing a major acquisition in Europe. The company is currently evaluating multiple locations in the Indian state of Maharashtra for a new stainless steel plant. The proposed facility aims for an annual capacity of four million tonnes, representing an investment of approximately 3.6 billion euros. CEO Tarun Khulbe indicated that a site selection is expected within the next one to two quarters, with the first phase of construction potentially becoming operational within four years. The plant is intended to produce both standard stainless steel and specialty grades for sectors including hydrogen, nuclear energy, mobility, and infrastructure.

Simultaneously, Jindal has submitted a non-binding offer to acquire an initial 60 percent stake in Thyssenkrupp Steel Europe. This move represents a renewed attempt to facilitate the sale of Thyssenkrupp’s steel division, which is seeking capital to fund its transition to green steel production. The acquisition would provide Jindal with an entry point into the European market amidst evolving carbon border adjustment mechanisms. Thyssenkrupp aims to use the proceeds to finance its hydrogen-based transformation in Duisburg, a project supported by significant government subsidies intended to reduce annual CO2 emissions by up to 3.5 million tonnes.