JSW Steel’s subsidiary -- JSW Steel Italy S.r.l has entered into a Share Purchase Agreement (SPA) with Industrial Development Corporation (IDC), South Africa on December 21, 2020. IDC is owned by the Government of South Africa under the supervision of the Department of Trade Industry and Competition.
The SPA is for the acquisition of 30.73% share capital of GSI Lucchini S.p.A (GSI) for a cash consideration of Euro 1 million. The Transaction is subject to fulfilment of conditions precedent and other terms mentioned in the SPA.
Balance Share Capital of 69.67% of GSI is held by JSW Steel Italy S.r.l. The Manufacturing unit of GSI is located in Piombino, Tuscany Region, Italy. Acquisition is being made to strengthen presence in overseas grinding media markets particularly in Mining Industry.
JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.
Company Name | CMP |
---|---|
JSW Steel | 919.70 |
Tata Steel | 183.05 |
SAIL | 153.65 |
Jindal Stainless | 815.60 |
Jindal Saw | 560.50 |
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