Billionaire Mr. Sajjan Jindal owner of Jindal Steel Works Limited (JSW) which is the flagship company of JSW Group has signed an agreement with Italy’s Cassa Depositi e Prestiti (CDP) the National Promotional Bank and Steel producer Arvedi to make a bid for Italy’s ILVA Plant which has been taken over by the government because of the recurring loss.
Arcelor Mittal jointly with Italy’s Marcegaglia also bid for Ilva plant.
The JSW Group is amongst the leading$11 billion conglomerates in India, with presence across the vital sectors of the Indian economy; and also USA, South America & Africa. JSW has shown its interest in the bid with the other two investors as per reports the bid might be between 500 million and 1 billion Euros that is USD 1.06 billion.
The Italian government is trying to find a bidder for the last one year after its takeover, also the government wants to save the jobs and fix the polluting factories as the pollution resulting from the plant’s operation has been linked to higher than average incidence of some diseases and an increase number of deaths in areas close to the plant, as per the reports.
ILVA plant was considered as Europe’s largest output capacity for steel making, ILVA steel plant of Taranto and its impacts has not only pre-occupied Italian society and authorities for more than two decades; the case has also drawn the attention of the EU. Court had put the plant under special administration in 2012 due to several accusations.
As per reports the sale of the ILVA Plant is expected to be completed by early 2017.
~Sourced
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