New Delhi, Feb. 3 -- Naveen Jindal, chairman of India's fourth-largest steelmaker Jindal Steel and Power Ltd (JSPL), is building a private steel empire abroad, one that could match the size of his listed Indian company in future.

Over the past five years, Jindal has built an end-to-end steel business with assets across Europe, the Middle East and Africa. This includes mines in Mozambique and Cameroon, steel units in Oman and a downstream value-added steel facility in the Czech Republic. His next target: Italy's Acciaierie d'Italia, the largest steel plant in Europe formerly known as Ilva.

While 10 companies have bid for various company assets, only three have bid for the entire operations. Privately owned Jindal Steel (International), o...