Business Companies 28 Aug 2017 JSW Steel in talks w ...

JSW Steel in talks with Cevital to acquire mill for $100 mn

PTI
Published Aug 28, 2017, 8:13 pm IST
Updated Aug 28, 2017, 8:13 pm IST
JSW Steel may offer a financial consideration of USD 100 million to Cevital Group to acquire mill.
JSW Steel is planning to increase its manufacturing capacity to 40-45 million tonne by 2030 from the present 18 million tonne.
 JSW Steel is planning to increase its manufacturing capacity to 40-45 million tonne by 2030 from the present 18 million tonne.

New Delhi: Sajjan Jindal-owned JSW Steel is in talks with Algeria's Cevital Group to acquire its Aferpi steel mill in Italy for USD 100 million, a source said on Monday.

The private steel maker had earlier tried to acquire the mill in 2014, when it was known as Lucchini. The Algerian conglomerate Cevital however acquired Lucchini and renamed the it Acciaierie e Ferriere di Piombino (Aferpi).

 

JSW Steel is in talks with Cevital Group to acquire Aferpi, an industry source confirmed. JSW Steel may offer a financial consideration of USD 100 million (about Rs 639 crore) to Cevital Group to acquire the mill, the source said.

Emails sent to JSW Steel and Cevital Group in this regard remained unanswered while the JSW Group official did not respond to the calls.

JSW Steel is planning to increase its manufacturing capacity to 40-45 million tonne by 2030 from the present 18 million tonne.

"If the country builds 300 MT capacity by 2030, we would like to plan accordingly to maintain our 15 per cent share, which will be 40-45 MT," JSW Steel joint managing director & group CFO Seshagiri Rao had said earlier.

Aferpi's activity involves production of a wide range of quality and special steels, with different shapes and sizes for rails, wire rod and bars for railway, automotive, earthmoving vehicles, energy, fastening, springs and welding.

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Location: India, Delhi, New Delhi




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