JSW has handful of potential targets on radar for acquisition

Company has already submitted the final binding bid to acquire some assets of Italy's Lucchini

Set to foray into European market with the acquisition of an Italian steel firm, JSW Steel has on its radar a handful of potential companies for takeover both in the space of steel making as well as raw material.

The Sajjan Jindal-led firm, which announced a deal last month to acquire all of Welspun Maxsteel for Rs 1,000 crore, has already submitted the final binding bid to acquire some assets of Italy's Lucchini.

"We have given the final binding bid to the government of Italy. We are awaiting their response. We have to go to their committees and then it will be concluded. I think, by end of next month, the deal would be concluded," Jindal said on the sidelines of an event, organised by the CII, here.

Earlier in the week, Jindal had said JSW Steel was in a "very positive way" looking at acquisition of another Italian steel firm, Ilva, having 10 million tonnes per annum capacity, and would start due diligence.

While the Lucchini acquisition could cost below USD 100 million, the buying of Ilva would need "very big investment as it has lot of liabilities and it's a very complex project," he had said.

Asked about targets for future acquisition, Jindal said, "There are many such units which are potential takeover targets. We are looking at them and if they fit into our policy and our canvas, then we look at them. These are mostly in Europe."

JSW Steel, which has 14.3 million tonnes a year capacity now, has been facing iron ore shortage to feed its plants located in Karnataka, Tamil Nadu and Maharashtra and as such, recently started importing the key steel-making raw material.

"We are always open to various ideas. We are looking at various ideas, but nothing has materialised as yet. We are looking at iron ore assets all over -- in Australia, Africa, North America and South America," Jindal said.

On Maxsteel, he said, "We have already applied to the Competition Commission of India and once we get the approval and then we will take over the company.