The Indian steel company Jindal Steel plans to invest 4 billion euros to acquire an Italian steel company.

Recently, Jindal Steel, an Indian steel company, announced that it has doubled its bid for the acquisition of Ilva S.p.A., an Italian steel company, reaching approximately 4 billion euros (about 4.361 billion US dollars), higher than the bids of its competitors.

Jindal's acquisition proposal includes paying 1 billion euros (about 1.09 billion US dollars) for the assets of the Italian steel company and investing about 3 billion euros (about 3.271 billion US dollars) to upgrade and transform the Taranto plant of the company into a green one.

It is reported that the predecessor of this Italian steel company was Ilva, one of the largest steel companies in Europe. It was taken over by the Italian government in 2018 and later operated by ArcelorMittal. However, due to conflicts between its business approach and the local government, the production capacity of its Taranto plant has been continuously declining. Against this backdrop, the Italian government has regained control of the Taranto plant to stabilize operations and ensure employment.

The Italian government has been looking for a buyer who is well-funded and capable of restoring the production of this Italian steel company to 10 million tons. Jindal is the main contender for acquiring this Italian steel company. Other contenders include a consortium composed of Baikal Steel Company and Azerbaijan Investment Company, etc.