Jindal sees subsidies as ‘important’ in potential takeover of Thyssenkrupp steel unit

BERLIN: Jindal Steel International sees government subsidies in Europe as “an important factor” in its strategy for a potential takeover of Thyssenkrupp’s steel division (TKSE), the head of its European business was quoted as saying on Friday.

Jindal wants to make the transition to green steel “because we firmly believe that it makes economic sense,” Narendra Kumar Misra told German magazine WirtschaftsWoche in an interview.

Thyssenkrupp, which has for years tried to dispose of its steel business, in September received an indicative bid from India’s Jindal Steel International for TKSE.

Thyssenkrupp in ‘intensive’ talks with Jindal over sale of steel unit

The company is currently carrying out due diligence on TKSE, Germany’s largest steelmaker, before deciding whether to make a firm offer.

Thyssenkrupp said in a statement that due diligence was ongoing, referring to Jindal Steel for any further questions around the strategic rationale of a potential takeover.