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Our Bureau Billionaire Sanjeev Gupta-owned Liberty House plans to invest ₹300 crore to restart and modernise Adhunik Metaliks and Zion Steel.
The company on Wednesday received a formal NCLT order declaring it the highest bidder for Adhunik. It now plans to reopen the plant , sources said.
NCLT Kolkata had approved Liberty House’s resolution plan for both the companies on July 17. The plan had received 99 per cent of votes from the committee of creditors.
Gupta, Executive Chairman of GFG Alliance, which owns Liberty House, said the group will invest heavily to modernise and create a long-term future for Adhunik Metaliks and Zion Steel as the first step in a bid to build an integrated and sustainable business across India.
“We are extremely pleased to finalise this very important acquisition for GFG Alliance and Liberty House. It not only gives us the first foothold in the Indian steel sector but also provides the foundation for a sustainable and integrated metals and industrial business in this fast-growing and exciting economy,” he said.
Liberty House has already bagged Amtek Auto and is waiting for the final order from NCLT Chandigarh. It is also the leading contender for Bhushan Power and Steel.
“We believe this is an excellent time to invest in the Indian industry, where there are many key acquisition opportunities that will provide a strong platform for our business model which integrates energy, metal production, downstream manufacturing and financial services,” Gupta said.
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