JSW Steel Ltd. is likely to finalize acquisition of Italy-based steel producer Acciaierie e Ferriere di Piombino SpA, or Aferpi, for 6 billion Indian rupees by the end of March or the start of April, Press Trust of India reported Feb. 25, citing an anonymous source.

"The deal is almost finalized. Most probably by the end of March or beginning of April, it will be final," the source was cited as saying.

JSW Steel could not be reached for comment, according to the report. Aferpi, which is Italy's second largest steel maker, makes products including specialty long products for railways and bars for the auto sector. The Indian company has been seeking to expand in Europe and the acquisition is expected to cater to automobile clients in the region.

JSW Steel planned to acquire Aferpi, which was formerly known as Lucchini, in 2014 but lost to Algeria's Cevital Group. JSW Steel then reportedly restarted talks with Cevital Group in August 2017.

Meanwhile, JSW Steel is also looking to submit joint bids with Japan's JFE Holdings Inc. for distressed Indian steel producers Bhushan Steel Ltd and Monnet Ispat & Energy Ltd., Bloomberg reported in January, citing Sajjan Jindal, chairman of JSW Steel parent JSW Group.

As of Feb. 23, US$1 was equivalent to 64.9 Indian rupees.