JSW Steel in advanced stages of acquiring London Mining.

Set to expand its global footprint, the country's third-largest steelmaker JSW Steel is close to acquiring embattled West African iron ore miner London Mining in a bid to secure raw material for its plant.

'JSW Steel is very close to finalising a deal to acquire London Mining which is battling big debts amid crashing iron-ore prices and the Ebola outbreak in Africa, where it operates a mine,' a source privy to the information said.

The announcement of acquisition may be made on October 21 along with the financial results, the source said without divulging details of the deal or financial considerations.

ET