Indian industrialist Naveen Jindal has bid over US$1 billion to acquire and revitalize the Italian steelmaker Acciaierie d’Italia (ADI). His offer, made through his privately owned international companies, aims to modernize ADI by replacing its traditional blast furnaces with energy-efficient electric arc furnaces, in line with environmental standards. 

Jindal’s bid is competing against a consortium led by the Azerbaijani government and Baku Steel, which has committed to providing natural gas supplies to support ADI’s operations. Other contenders include US-based Bedrock Industries and several Italian industrial groups, some focusing on acquiring specific assets rather than the entire company. 

The Italian government is closely observing the restructuring of ADI due to the company’s importance to the country’s industrial sector.