JSW Steel Italy S.r.l. signs deal to acquire balance 30.73% stake in GSI Lucchini S.p.A
JSW Steel announced that its subsidiary, JSW Steel Italy S.r.l., has entered into a Share Purchase Agreement(SPA) dated 21 December 2020 with Industrial Development Corporation (IDC), South Africa. IDC is owned by the Government of South Africa under the supervision of the Department of Trade Industry and Competition. The SPA is for the acquisition of 30.73% share capital of GSI Lucchini S.p.A (GSI) for a cash consideration of Euro 1 Million (Transaction). The Transaction is subject to fulfilment of conditions precedent and other terms mentioned in the SPA.Balance Share Capital of 69.67% of GSI is held by JSW Steel Italy S.r.l. The Manufacturing unit of GSI is located in Piombino, Tuscany Region, Italy.
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