UK-based global industrial leader GFG Alliance plans to invest and buy more steel and mining assets in India, Sanjeev Gupta, executive chairman of GFG Alliance, has told an Indian news outlet. The company will review opportunities as there will be many consolidations in the steel and mining sectors in the next six to 12 months. “In India, we have several assets which still need to be resolved; we will be examining those,” said Mr. Gupta.
The company started to operate in India earlier this year, following the acquisition of bankrupt steelmakers Adhunik Metaliks with a 500,000 mt per year crude steel production capacity and Zion Steel with a 400,000 mt per year capacity by Liberty Steel Group, subsidiary of GFG Alliance, for INR 4.25 billion ($56.92 million) in cash. Liberty Steel Group plans to integrate the operations of these companies in the October quarter this year and increase the overall capacity to almost two million mt per year as of 2022.
Mr. Gupta said that the company is focusing on green steel and investments in converting blast furnaces to electric arc furnaces and will mostly invest in India, UK, US and Australia.