Liberty House, part of Sanjeev Gupta’s GFG Alliance, has secured approval to acquire and revive the Adunik Metaliks integrated steel production operation at Chadrihariharpur near Rourkela in Odisha, eastern India.
Adhunik Metaliks had been mired in India’s corporate insolvency resolution process since August 2017.
The plant’s steelmaking capacity is capable of being expanded to 1Mt/yr. Its integrated operations include sponge iron, blast furnace, electric furnaces, and downstream rolling of finished steel products. The business manufactures ferro alloys, billets, bars and rounds and employs around 1,000 people.
The company services the automotive, engineering, oil and gas, telecoms, defence, power, railways and construction. Within automotive, it has approvals from leading OEMs and supplies Tata Motors, Mahindra, Ashok Leyland, Ramakrishna Forging, JMT Auto, and Amtek Auto.
GFG executive chairman Sanjeev Gupta said, “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.”