Jindal Steel raised its offer for a troubled Italian steelmaker to about €4 billion ($4.2 billion), seeking to outbid rivals from Azerbaijan, people familiar with the matter said. The Indian steelmaker’s latest proposal to the Italian government consists of a payment of about €1 billion for the assets, plus around €3 billion of investments to revamp the main steel plant in Taranto, the people said, asking not to be identified as the discussions are private. The Italian steelmaker, once one of Europe’s largest, has been mired in controversy and disputes for years. The company, formerly known as Ilva, is currently under a state-administration regime, and the Taranto plant has operated at reduced capacity. Prime Minister Giorgia Meloni’s government is expected to pick a winning bidder in the coming weeks. A tender for steelmaking assets, including the Taranto unit, was launched after a clash with operator ArcelorMittal led to returning control back to the state. Bedrock Industries Management and a consortium formed by Baku Steel Co. and Azerbaijan Investment Co. are also bidding. (ICE NEW DELHI)

Fonte notizia: Economic Times