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JSW Steel completes acquisition of 31% stake in Italy's GSI Lucchini

·1-min read

In December 2020, JSW Steel announced that its subsidiary, JSW Steel Italy, entered into a share purchase agreement on 21 December 2020 with South Africa's Industrial Development Corporation (IDC) to acquire the balance 30.73% share capital of GSI for a cash consideration of 1 million euros. Before the transaction, JSW Steel Italy held 69.67% of GSI.

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. Its manufacturing unit is located in Piombino, Tuscany Region, Italy.

JSW Steel, a flagship company of the JSW Group, is an integrated steel manufacturer. On a consolidated basis, the steel major's net profit jumped nearly 13 times to Rs 2,681 crore in Q3 FY21 over Q3 FY20. Net sales grew 23.4% Y-o-Y to Rs 21,487 crore during the quarter.

Shares of JSW Steel rallied 4.34% to end at Rs 630.40 on Tuesday (13 April). The domestic equity market is shut today, 14 April 2021 on account of Ambedkar Jayanti.



Source: Capitalmarket.com