JSW Steel close to acquire Italian firm Aferpi for Rs 6 billion: Source

Private steel maker JSW Steel is close to acquiring Italy-based Aferpi steel firm, for Rs 6 billion, a source in the know of the matter said.

"The deal is almost finalised. Most probably by the end of March or beginning of April, it will be final," the source said, adding that the deal is worth about Rs 6 billion.

Aferpi makes specialty long products for railways, bars for auto industry parts, earthmoving vehicles, among others and is the second largest steel maker in Italy. An email query sent to JSW Steel remained unanswered.

The plan is to cater to the automobile customers of Europe. HR coils will be sent from India and further finished products will be sold to the customers there.

The company has been for long trying to have a facility in the European region. JSW Steel had earlier also tried to acquire Italian property in 2014 when it was known as Lucchini. But Algerian conglomerate Cevital acquired Lucchini and renamed it Aferpi.