Feb 04, 2025

Jsquare Electrical Steel Nashik Private Limited on the issuance of secured listed NCDs

AZB & Partners advised Jsquare Electrical Steel Nashik Private Limited (‘JESNPL’) (an indirect JV of JSW Steel and JFE Steel Corporation) on the issuance of secured listed NCDs of INR 2600 crore to fund the acquisition of Thyssenkrupp Electrical Steel India Private Limited (‘TESIPL’).

TESIPL is one of the first manufacturers of electrical steel sheets in India and has been manufacturing and selling cold rolled grain oriented electrical steel sheets (‘GOES’) for more than 10 years. With this acquisition, JESNPL will enter the Indian market for GOES earlier than originally planned and establish an integrated system from manufacturing to sales of GOES in India to meet the growing demand for GOES in the future.

Our deal team comprised our Senior Partner Anand Shah, Partner Shivanand Nayak, Senior Associate Sneh Choudhary, Associates Devavrat Nimbalkar and Mayukh Mandal, and Articled Clerk Karan Nair. They were supported by our Partner Nilanjana Singh on certain critical aspects of the deal.

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