Luthra and Luthra Law Offices India, along with AZB & Partners, advised a consortium of JSW Steel and JFE Steel Corporation and their JV on their $482.1 million proposed acquisition of ThyssenKrupp Electrical Steel India, which was represented by Cyril Amarchand Mangaldas.
Jsquare Electrical Steel Nashik is a 50:50 joint venture between JSW Steel and the Japanese steel producer JFE Steel Corporation. AZB & Partners advised Jsquare on the issuance of secured, listed non-convertible debentures (NCDs) totalling $300 million to fund the acquisition.
JSA advised the consortium of foreign portfolio investors who subscribed to the NCDs issued by Jsquare.
ThyssenKrupp Electrical Steel – the Indian unit of German steel distributor ThyssenKrupp Electrical Steel – primarily manufactures cold rolled grain-oriented and cold rolled non-grain oriented electrical steel.
"The market for grain-oriented electrical steel is growing rapidly. This acquisition will enable the consortium of JSW and JFE to manufacture this product in India and supply it to customers in India and globally," JSW Steel CEO Jayant Acharya said.
The Luthra transaction team comprised partner Shinoj Koshy and associates Anshul S. and Radhika Malpani. Partners Vaibhav Suri (real estate) and Amit Panigrahi (IP) also assisted on the deal.
The AZB deal team comprised senior partner Anand Shah, partner Shivanand Nayak, senior associate Sneh Choudhary, associates Devavrat Nimbalkar and Mayukh Mandal, and articled clerk Karan Nair. Partner Nilanjana Singh also assisted on certain critical aspects of the deal.
CAM’s transaction team was led by partners Siddharth Hariani and Sharada Ramachandra with support from senior associate Vaishnavi Eshwar, and associates Piyush Langade and Ashwin Satheesh.
CAM partners Ankita Ray (employment) and Avaantika Kakkar and Vijay Chauhan (antitrust) assisted on the deal.
JSA's deal team comprised of partner Soumitra Majumdar, of counsel Shrijita Bhattacharya, senior associates Harvi Shah and Deboshree Mukherjee, and junior associate Gavin Pais.
