Jindal Steel has already completed the due diligence for the German company and the deal is likely to be announced within the next ten days.
SMS Meer is part of the European SMS Group which largely produces copper, aluminium and steel. The company has an order intake of 1.3 billion orders and employs 3,000 people.
Jindal Steel and Power is also eyeing assets in Australia and Mongolio. Recently it had to pull out of Bolivia's largest power plant, valued at $2.1 billion, due to commitment from the Bolivia government.