New Delhi : JSW Steel on Friday inked a pact with Algeria’s Cevital to buy its Italian arm Aferpi for around Rs 600 crore, a source in the know of the development said.
The firm had earlier tried to acquire the second largest plant in Italy in 2014, when it was known as Lucchini. The Algerian conglomerate Cevital however acquired Lucchini and renamed it Acciaierie e Ferriere di Piombino (Aferpi). “JSW Steel has signed a deal with Algeria’s Cevital to buy Italy’s second largest steel firm Aferpi for around Rs 600 crore on Friday,” the source said.