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Jindal Steel, is evaluating a potential €5 billion bid for Celsa

ICICIdirect Research 01 Oct 2026 DISCLAIMER

News: As per media sources, Naveen Jindal, Chairman of Jindal Steel, is evaluating a potential €5 billion bid for Celsa, a privately held European steelmaker with ~7.5 MT of steelmaking capacity across France, Spain and Poland. The potential acquisition is being evaluated through privately owned overseas companies and discussions remain preliminary, with no certainty of a transaction. 

View: We view the development as neutral for Jindal Steel, as the potential European acquisition is reportedly being considered through privately owned overseas entities and is therefore outside the listed Jindal Steel entity. Hence, there is currently no direct impact on the listed company’s balance sheet or earnings. Any potential strategic benefits from expanding the promoter group’s global steel footprint would depend on the final transaction structure and funding, which remain uncertain at this stage.

Impact: Neutral

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