JSW
Steel has put its Italian businesses, which were acquired in 2018, on
the block as rising raw material costs and geo-political issues hindered its
operations and attempts to revive them failed.
The company had
acquired the entire stake in three Italian businesses – Aferpi SpA and Piombino
Logistics SpA – and 69.27% in GSI Lucchini SpA for €55 million ($64.7 million
or Rs 440 crore), as part of its overseas expansion plans. The businesses were
bought on a cash- and debt-free basis from Cevitaly Srl, a wholly-owned unit of
Algeria’s Cevital SpA.