Jindal Said to Raise Bid for Italian Steelmaker to €4 billion

Jindal Steel raised its offer for troubled Italian steelmaker Acciaierie d’Italia 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 ...