STOCK MARKET BSE NSE

Sajjan Jindal joins consortium to buy Italy's Ilva steel plant

JSW Steel, the flagship steel company of the group, has been eyeing the loss-making Ilva steel plant for several months.

Published: 01st December 2016 07:16 PM  |   Last Updated: 01st December 2016 07:16 PM   |  A+A-

Sajjan_Jindal-Reuters

JSW Steel Chairman Sajjan Jindal speaks during a news conference in Ahmedabad, India, July 1, 2015. | Reuters

By Reuters

BHUBANESWAR: 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 percent, Arvedi 10 percent 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 60-80 billion rupees ($2 billion).



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp