JSW Steel Italy Srl, JSW Steel’s Italian subsidiary has entered into a share purchase agreement (SPA) with Industrial Development Corporation (IDC), South Africa, to acquire remaining 30.73 per cent stake in GSI Lucchini SpA of Italy for a cash consideration of one million euros.
The other 69.67 per cent share capital GSI is already held by JSW Steel Italy Srl. The manufacturing unit of GSI s located in Piombino, Tuscany Region in Italy. The acquisition of the remaining stake will allow specific advantages to the company in terms of lead time, service level and logistics cost, 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.”
Italy’s GSI Lucchini SpA is a producer of forged steel balls that are used in grinding mills with predominant application in the mining processing. It is widely recognised in European and African markets, and is among the prominent Grinding Media supplier in African Mines.
The transaction is subject to the fulfilment of conditions precedent and other terms mentioned in the SPA, it added.