India’s Jindal Steel International has made an offer for Thyssenkrupp’s steel division, the German company said Tuesday, in what would be a mega-deal for the struggling industrial titan.

Once a symbol of German manufacturing might, Thyssenkrupp has fallen into crisis in recent years as it battles high manufacturing costs at home and fierce competition from Asian rivals, particularly in the traditional steel business.

The sprawling conglomerate — whose businesses range from auto parts to submarine-making — has long been seeking to get rid of the loss-making steel unit which is in the midst of a painful restructuring.

It confirmed in a statement that it had received a “non-binding” offer from Jindal Steel International for the purchase of Thyssenkrupp Steel Europe (TKSE).

The group said

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