India’s Sajjan Jindal joins consortium to buy Italy’s Ilva steel plant

Monday, 5 December 2016 00:01 - - {{hitsCtrl.values.hits}}

Bhubaneswar, India (Reuters): Sajjan Jindal, the billionaire chairman of the metals to cement conglomerate JSW Group, confirmed that JSW Steel is in a consortium looking to buy the beleaguered Ilva steel plant in Italy.

“We are working on it. It will not need much investment,” Jindal told Reuters on the sidelines of an event in the eastern state of Bhubaneswar, declining to elaborate.

JSW Steel, the flagship steel company of the group, has been eyeing the loss-making Ilva steel plant for several months. Reuters reported on Wednesday that JSW Steel had signed an agreement with Italian lender CDP, businessman Leonardo del Vecchio’s holding company and steelmaker Arvedi to make the bid.

The bid is expected to be made by a consortium called Acciaitalia, which means Steel is Italy. JSW will hold 35%, Arvedi 10% and the remaining stake will be distributed among two more players, said a source who declined to be named.

Jindal, which expanded its steel capacity to 18 million tonnes earlier this year, will produce 15 million tonnes of saleable steel in its financial year to the end of March 2017. Its capital expenditure for the year will be Rs. 60-80 billion ($ 2 billion).

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.