JSW Steel today inked a pact with Algerias Cevital to buy its Italian arm Aferpi for around Rs 600 crore, a source in the know of the development said today.
The Sajjan Jindal-owned firm had earlier tried to acquire the second largest plant in Italy in 2014, when it was known as Lucchini. The Algerian conglomerate Cevital however acquired Lucchini and renamed it Acciaierie e Ferriere di Piombino (Aferpi).
“JSW Steel has signed a deal with Algerias Cevital to buy Italys second largest steel firm Aferpi for around Rs 600 crore on Friday,” the source who did not wish to be quoted said.
According to the source, senior officials of JSW are in Italy and the agreement document was signed at Italys Ministry of Economic Development. While JSW Steel refused to comment on the development, an email query sent to Cevital remained unanswered. Read More
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