JSW Steel Italy S.r.l has Closed the Acquisition of a 30.73% Equity Share Capital in GSI Lucchini SpA.
Sunday, 18 April 2021 18:57
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.
Live News
-
Africa’s Energy Boom in 2026 Puts AfCFTA at the Heart of Its Trade Response to US Tariffs
12:03
-
Africa’s Artificial Intelligence Moment : Infrastructure, Governance and the Path to Scale
11:52
-
Kenya’s Economy Expands 4.9% in Q3 on Construction, Services
10:18
-
Rio Tinto, Glencore Hold Early Talks on Potential Mining Mega-Deal
10:17
-
Orabank to Close Four Branches in Togo From February 2026
20:13
-
Cameroon Brings Informal Property Brokers Under VAT Rules
16:05
-
Novarea Textile, Togo Apparels Source Join Adétikopé Industrial Platform
16:01
-
Strengthening the Economic Bridge: Outgoing U.S. Ambassador Shares Vision for Future Cameroon-U.S. Investment
12:30
-
Strengthening the Cotton Value Chain: Crédit du Sahel Formalize Strategic Banking Alliance
11:50
-
Cameroon Scores Mid-Table in World Bank’s Business Ready 2025 Report
11:46
The BCID-AES launches with 500B CFA to fund Sahel infrastructure, asserting sovereignty from the B...
Ethiopia agreed in principle with investors holding over 45% of its $1 billion eurobond due 2...
Creditinfo licensed to operate credit bureau across six CEMAC countries Bureau to collect b...
Flutterwave acquired Nigerian open banking startup Mono in an all-share deal valued between $...
Togo passes new law tightening anti-money laundering and terrorism financing rules Legislat...
Africa’s energy & mining exports benefit from US tariff exemptions, cushioning trade as most other sectors face sharp contraction in 2025. Power, gas,...
Africa’s AI adoption is accelerating, but its ability to scale depends primarily on foundational investments—especially reliable electricity, digital...
Kenya’s economy grew 4.9% year on year in Q3 2025, up from 4.2% a year earlier. Construction, mining, hospitality and real estate drove growth...
Rio Tinto and Glencore confirmed early-stage discussions on a potential transaction with no firm offer. Rio Tinto must declare its intention to bid, or...
The Sundance Institute selected three African films from more than 16,000 submissions across 164 countries. The 2026 festival will run from January 22...
Organizers opened submissions for the sixth Annaba Mediterranean Film Festival from Jan. 8 to Feb. 28, 2026. The festival accepts feature films, short...