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Sajjan Jindal joins consortium to buy Italy's Ilva steel plant

Reuters  |  BHUBANESWAR, India 

By Devidutta Tripathy and Jatindra Dash

BHUBANESWAR, (Reuters) - Sajjan Jindal, the billionaire chairman of the metals to cement conglomerate Group, confirmed that is in consortium looking to buy the beleaguered Ilva plant in Italy.

"We are working on it. It will not need much investment," Jindal told Reuters on the sidelines of an event in the eastern state of Bhubaneswar, declining to elaborate.

Steel, the flagship company of the group, has been eyeing the loss-making Ilva plant for several months. Reuters reported on Wednesday that had signed an agreement with Italian lender CDP, businessman Leonardo del Vecchio's holding company and steelmaker Arvedi to make the bid.

The bid is expected to be made by consortium called Acciaitalia, which means is Italy. will hold 35 percent, Arvedi 10 percent and the remaining stake will be distributed among two more players, said source who declined to be named.

Jindal, which expanded its capacity to 18 million tonnes earlier this year, will produce 15 million tonnes of saleable in its financial year to the end of March 2017. Its capital expenditure for the year will be 60-80 billion rupees ($2 billion).

($1 = 68.3199 Indian rupees)

(Additional reporting by Massimiliano Di Giorgio in Rome; writing by Promit Mukherjee; editing by David Clarke)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Sajjan Jindal joins consortium to buy Italy's Ilva steel plant

BHUBANESWAR, India (Reuters) - Sajjan Jindal, the billionaire chairman of the metals to cement conglomerate JSW Group, confirmed that JSW Steel is in a consortium looking to buy the beleaguered Ilva steel plant in Italy.

By Devidutta Tripathy and Jatindra Dash

BHUBANESWAR, (Reuters) - Sajjan Jindal, the billionaire chairman of the metals to cement conglomerate Group, confirmed that is in consortium looking to buy the beleaguered Ilva plant in Italy.

"We are working on it. It will not need much investment," Jindal told Reuters on the sidelines of an event in the eastern state of Bhubaneswar, declining to elaborate.

Steel, the flagship company of the group, has been eyeing the loss-making Ilva plant for several months. Reuters reported on Wednesday that had signed an agreement with Italian lender CDP, businessman Leonardo del Vecchio's holding company and steelmaker Arvedi to make the bid.

The bid is expected to be made by consortium called Acciaitalia, which means is Italy. will hold 35 percent, Arvedi 10 percent and the remaining stake will be distributed among two more players, said source who declined to be named.

Jindal, which expanded its capacity to 18 million tonnes earlier this year, will produce 15 million tonnes of saleable in its financial year to the end of March 2017. Its capital expenditure for the year will be 60-80 billion rupees ($2 billion).

($1 = 68.3199 Indian rupees)

(Additional reporting by Massimiliano Di Giorgio in Rome; writing by Promit Mukherjee; editing by David Clarke)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
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Sajjan Jindal joins consortium to buy Italy's Ilva steel plant

By Devidutta Tripathy and Jatindra Dash

BHUBANESWAR, (Reuters) - Sajjan Jindal, the billionaire chairman of the metals to cement conglomerate Group, confirmed that is in consortium looking to buy the beleaguered Ilva plant in Italy.

"We are working on it. It will not need much investment," Jindal told Reuters on the sidelines of an event in the eastern state of Bhubaneswar, declining to elaborate.

Steel, the flagship company of the group, has been eyeing the loss-making Ilva plant for several months. Reuters reported on Wednesday that had signed an agreement with Italian lender CDP, businessman Leonardo del Vecchio's holding company and steelmaker Arvedi to make the bid.

The bid is expected to be made by consortium called Acciaitalia, which means is Italy. will hold 35 percent, Arvedi 10 percent and the remaining stake will be distributed among two more players, said source who declined to be named.

Jindal, which expanded its capacity to 18 million tonnes earlier this year, will produce 15 million tonnes of saleable in its financial year to the end of March 2017. Its capital expenditure for the year will be 60-80 billion rupees ($2 billion).

($1 = 68.3199 Indian rupees)

(Additional reporting by Massimiliano Di Giorgio in Rome; writing by Promit Mukherjee; editing by David Clarke)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

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