Liberty Steel, part of the Sanjeev Gupta-led GFG Alliance, on Thursday said it has started the first phase of production from Adhunik Metaliks and its associate firm Zion Steel, units it acquired for around Rs 425 crore through the insolvency route in February 2020.
Located near Rourkela in Odisha, Adhunik has 0.5 million tonnes per annum (mtpa) steel-making capacity and a 34 MW captive power plant among others. It produces steel for use in the automotive, energy, engineering, and oil and gas sectors. The acquisition marked the entry of the GFG Alliance into India.
“During the operational ramp up from early May 2020, the [Adhunik] took on 1,500 local people in permanent and contractual roles to undergo vital and extensive maintenance and repairs before the formal production restart,” Liberty Steel said in a statement.
GFG Alliance executive chairman Sanjeev Gupta said, “I look forward to working together to create a sustainable green steel operation in India. We aim to integrate the business into the wider Liberty Steel Group family in the near future.”
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.