JSW Steel's Italian subsidiary has completed the acquisition of remaining 30.73 per cent stake in GSI Lucchini SpA of Italy for one million euros.
"Pursuant to fulfilment of conditions precedent mentioned in the share purchase agreement, our subsidiary JSW Steel Italy Srl has on April 13 completed the acquisition of 30.73 per cent equity share capital of GSI," the steelmaker informed stock exchange in regulatory filings.
The agreement to acquire GSI's remaining stake was signed in December last year.
The balance share capital of GSI is already held by JSW Steel Italy Srl. The manufacturing unit of GSI is located at the port city of Piombino in Tuscany region, providing easy access to export markets.
This also allows specific advantages in terms of lead time, service level and logistics cost in its target markets, JSW Steel said in a statement.
"The port-based facility also gives GSI the flexibility and access to import raw material's bars/blooms and billets to supplement supplies as when required."
GSI is a producer of forged steel balls used in grinding mills with predominant application in mining processing. The brand is widely recognised in Europe and Africa, and is among the prominent supplier in African mines.
The transaction provides a unique opportunity for JSW to consolidate its stake in GSI.
JSW Steel, a member of the JSW Group, is an integrated manufacturer of a diverse range of steel products with an export presence in over 100 countries.
It has a total steel-making capacity of 18 million tonnes per annum, and is among the leading producers and exporters of coated flat steel products in India.
( With inputs from ANI )
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