(Ecofin Agency) - South Africa’s largest development finance institution (DFI), Industrial Development Corporation (IDC) has sold its remaining stake in GSI Lucchini SpA to JSW Steel Italy S.r.l. the closing of the deal earned Industrial Development Corporation €1 million for a 30.73% stake.

JSW Steel Italy had signed a Share Purchase Agreement (SPA) with Industrial Development Corporation, South Africa in December 2020 to acquire its 30.73% in GSI Lucchini. The SPA was subject to regulatory approval.

"Pursuant to fulfilment of conditions precedent mentioned in the share purchase agreement, our subsidiary JSW Steel Italy S.r.l has on April 13 completed the acquisition of 30.73 per cent equity share capital of GSI," said JSW Steel in a regulatory filing.

GSI Lucchini brand producer of forged steel balls is well known across Europe and Africa and is one of the Africa’s leading suppliers in African mines.

Notwithstanding, Industrial Development Corporation of South Africa established in 1940 is still one of the primary sources of commercially sustainable industrial development and innovation in in Africa.