JSW Steel's subsidiary to acquire 31% stake in Italy's GSI Lucchini
2020-12-24 13:38:40 [Print]
JSW Steel said its subsidiary entered into an agreement to acquire steel facilities at Piombino, Italy.
JSW Steel Italy, the company's subsidiary, entered into a share purchase agreement (SPA) dated 21 December 2020 with Industrial Development Corporation (IDC), South Africa, for acquisition of 30.73% share capital of GSI Lucchini for a cash consideration of 1 million euros. The balance 69.67% of GSI is held by JSW Steel Italy. GSI's manufacturing unit is located in Piombino, Tuscany Region in Italy.
IDC is owned by the Government of South Africa under the supervision of the Department of Trade Industry and Competition.
GSI is a producer of forged steel balls used in grinding mills with predominant application in mining processing. GSI facilities are located within the premises of Piombino plant, providing easy access to export markets through the port of Piombino.
JSW Steel Italy, the company's subsidiary, entered into a share purchase agreement (SPA) dated 21 December 2020 with Industrial Development Corporation (IDC), South Africa, for acquisition of 30.73% share capital of GSI Lucchini for a cash consideration of 1 million euros. The balance 69.67% of GSI is held by JSW Steel Italy. GSI's manufacturing unit is located in Piombino, Tuscany Region in Italy.
IDC is owned by the Government of South Africa under the supervision of the Department of Trade Industry and Competition.
GSI is a producer of forged steel balls used in grinding mills with predominant application in mining processing. GSI facilities are located within the premises of Piombino plant, providing easy access to export markets through the port of Piombino.
