GFG Alliance Enters Indian Steel Market Through Acquisition
In a statement, GFG said it is buying the integrated Adhunik Metaliks Ltd. and its associated rolling operation, Zion Steel, with an eye to reviving the facilities and integrating them into GFG Alliance’s Liberty Steel Group.
“Today marks an important milestone in our global steel strategy with the purchase of Adhunik Metaliks and our entry into India – one of the fastest growing and most vibrant steel markets in the world. We see huge potential in this business through the introduction of our GREENSTEEL model to create a competitive, sustainable operation to serve the local market,” said GFG chairman Sanjeev Gupta.
Adhunik is located in the state of Odisha and has a blast furnace as well as an electric arc furnace that can produce 500,000 metric tons annually and a 34 megawatt captive power plant.
Zion Steel, Adhunik’s associated rolling facility, has a combined rolling capacity of 400,000 metric tons per year. The sites produce products for the automotive, energy, engineering, and oil and gas sectors.