Liberty receives creditors’ approval to acquire Adhunik Metaliks in India

Monday, 09 July 2018 17:02:37 (GMT+3)   |   Istanbul
       

UK-based Liberty House has announced that it has received the approval of the committee of creditors to acquire and revive India-based Adhunik Metaliks, which has been in a corporate insolvency resolution process since August 2017.

According to Liberty House, the company’s operations include sponge iron, blast furnace, electric furnaces, and downstream rolling of finished steel products. The business already employs almost a thousand people. It manufactures ferroalloys, billets, bars and rounds and its customer segments are automotive, engineering, oil and gas, telecom, defense, power, railways and construction.

“We have important ambitions for India and approval to acquire Adhunik is a milestone on our path towards implementing our vision for sustainable steel production and downstream manufacturing in the country. Adhunik’s integrated operations, and supply linkages to downstream industry, especially to Amtek Auto, also recently approved for acquisition by Liberty House, will enable us to build this value chain progressively. India is a growing market place with a bright outlook for steel, and downstream industries, in particular the automotive sector. We look forward to completing the acquisition and implementing our resolution plan in a speedy manner,” stated Sanjeev Gupta, GFG executive chairman.

GFG is currently evaluating opportunities across its value chain and Liberty is participating in the insolvency resolution process for other significant assets in India, including Bhushan Power & Steel, ABG Shipyard, Castex Technologies, Metalyst Forgings, Amtek Ring Gear, all part of its integrated GREENSTEEL strategy, while it targets to invest $5 billion in India.


Similar articles

Liberty House confirmed as highest preferred bidder for Amtek Auto India

08 Mar | Steel News

Liberty House confirmed as highest preferred bidder for Amtek Auto India

08 Mar | Steel News