JSW Steel's Italian subsidiary has signed an agreement to acquire the remaining 30.73 per cent stake in GSI Lucchini SpA of Italy for one million euros (about Rs 9 crore).
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.
"In summary, the proposed transaction provides a unique opportunity for JSW to consolidate its stake in GSI."
The transaction is subject to fulfilment of conditions precedent and other terms mentioned in the share purchase agreement.
( With inputs from ANI )
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