JSA advised a consortium of foreign portfolio investors on their subscription to listed non-convertible debentures issued by Jsquare Electrical Steel Nashik Private Limited (“JESNPL”) for INR 2,600 crores.
JESNPL is a subsidiary of a 50:50 joint venture between JSW Steel Limited, India’s largest steel manufacturer, and JFE Steel Corporation, Japan’s second-largest steel manufacturer. The proceeds from the debenture issuance were utilized by JESNPL for the acquisition of ThyssenKrupp Electrical Steel India Private Limited (“TESIPL”), the Indian unit of German steel distributor ThyssenKrupp Electrical Steel GmBH, which is primarily engaged in the manufacturing of grain-oriented electrical steel (“GOES”). This acquisition marks the entry of JSW Steel and JFE Steel Corporation into the GOES market in India.
Our transaction team comprised Lead Partner – Soumitra Majumdar, Of Counsel – Shrijita B, Senior Associates – Harvi Shah and Deboshree Mukherjee, and Junior Associate – Gavin Pais.
Soumitra specializes in Banking & Finance. He works closely with Indian and multinational banks, development financial institutions, commodity finance houses, non banking finance companies as well as corporates, for structuring, due diligence, documentation and negotiations.