SEPTEMBER 20258JINDAL STEEL EYES THYSSENKRUPP'S GERMAN UNIT ACQUISITIONL&T STRENGTHENS NUCLEAR PORTFOLIO WITH KUDANKULAM PROJECT ORDERJindal Steel International made a public statement that it began negotiations with Thyssenkrupp AG of Germany to buy the latter's steel division, Thyssenkrupp Steel Europe (TKSE). The Jindal Group headed by Naveen Jindal already delivered a non-binding proposal for the separation.Misra Narendra, Director of Jindal European Operations, pointed out the commitment of the firm towards reconstruction in a sustainable manner. "We surely see the bright future of clean steel production in Germany as well as Larsen & Toubro (L&T) has received a major order from the Nuclear Power Corporation of India Ltd (NPCIL) for the 2×1000 MWe Kudankulam Nuclear Power Project (KKNPP-5&6) location in Tamil Nadu.Europe. Our target is to not only maintain but also bring about the revival of the industrial legacy of the last two hundred years of Thyssenkrupp and then to lead it to be the biggest low-emission steel producer with the least integration in Europe," he added.Thyssenkrupp stated that their Executive Board will consider the bid thoroughly with special emphasis on financial viability, assurance of jobs, and the process of green transformation. The German manufacturer has been downscaling its traditional conglomerate pattern stepwise while the steel segment has been suffering from skyrocketing energy rates, depressed global prices, and escalating borrowing costs.In fact, Thyssenkrupp parted with a 20% share in TKSE sold to Czech billionaire Daniel Kretinsky last year and plans for forming a 50-50 joint venture in the future were set up. Jindal's proposal aims to facilitate the transition to low-emission steelmaking by finishing off the DRI project in Duisburg and adding new electric arc furnace capacity with the support of a financial commitment of over 2 billion.The reported revenue of Jindal Steel, which is a part of the family-owned Naveen Jindal group, was 12 billion in FY2025. The company had low net leverage of 1.2 billion and made a 22% EBITDA margin of 2.64 billion (approximately) which was very strong. The order has a value between 1,000 crore and 2,500 crore, which comes under L&T's Heavy Civil Infrastructure (HCI) business vertical. The KKNPP-5 and KKNPP-6 comes as a step forward in India's push for nuclear energy. Their scope involves the total mechanical package of work for the project, including installation of the nuclear reactor and turbine packages, sea water systems, polar cranes and trestle cranes, along with their accessories. The scope also encompasses pipes, structural steelwork, anti-corrosion coating, insulation, painting, and full testing of all the buildings and structures on site.This award shows L&T's capabilities and experience in executing complex infrastructure projects, and is another milestone for L&T in the energy sector. The Heavy Civil Infrastructure vertical is known for its experience to handle large, critical civil infrastructure projects for metros, high-speed rail, tunnels, nuclear power, ports, and defense, and is also vital for L&T's growth and diversification strategies moving forward.This will reinforce investors' confidence and will lead positively for L&T in the energy infrastructure sector going forward. TOP STORIESTOP STORIESTOP STORIES
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