Billionaire businessman Naveen Jindal is expanding his steel and alloy empire globally, with a new bid to take control of Italian alloy-making company Acciaierie d’Italia, beating out a rival bid from Azerbaijan’s Baku Steel. Jindal’s company, Jindal Steel (International), has offered a minimum of €2-3 billion for the company, compared to Baku’s €500 million offer. Jindal’s bid also includes a promise to invest €2 billion in decarbonization efforts.
Jindal has had a busy year, with acquisitions and expansions across the steel, coal, and power sectors. He recently acquired a 750,000-tonne-per-annum downstream steel processing mill in the Czech Republic and announced plans to acquire the Bhadreshwar Vidyut power plant in Gujarat. He also launched a new subsidiary, Jindal Nuclear Power Pvt Ltd, to build 18 GWe of nuclear capacity over the next two decades.
Jindal’s international expansion is also gaining momentum, with acquisitions and investments in Europe, West Asia, and Africa. His company already operates in Mozambique, where it has a coal mine, and is expanding its presence in Oman and Cameroon. He is also building a 5 mtpa steel plant in Oman, which will produce low-carbon steel in partnership with Volkswagen Group.
Jindal’s power play is also gaining momentum, with a focus on renewable energy and decarbonization. His company, Jindal Renewables, aims to develop 12 GW of renewable energy assets by 2030 and become a leading provider of decarbonization solutions in India. He is also building a 300 MW thermal power project in Botswana and expanding his presence in the power sector in India and overseas. With this latest bid, Jindal is cementing his position as a global steel and power player, with a strong presence in Europe, Asia, and Africa.