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The Gupta Family Group’s alliance plan was pending in the courts since 2018, when Adhunik Metaliks went into liquidation. The stressed company in the year 2019 invited creditors and members to come up with a scheme of compromise or arrangement under section 230 of the companies act 2013.
“It has been a challenging journey to get us to this stage, but we now look forward to starting work in partnership with all stakeholders to revive these plants and bring employment back,” said GFG Alliance’s executive chairman, Sanjeev Gupta.
GFG Alliance will introduce its flagship sustainable strategy, Greensteel, to revive the steel plants by combining steel recycling with low carbon and renewable power sources. said the company in a statement.
“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 Gupta.
In 2019, the national company law appellate tribunal had given Mr Gupta’s company time till February 14th of 2020 to deposit at least Rs 370 crores plus other costs to proceed with the bankrupt steel companies acquisition.
The process was delayed following a criminal charge against the Gupta Group’s on bidding for motor parts manufacturers Amtek Auto.
“The immediate focus will be on reviving and restoring the facilities and operations, and once stabilised the business will begin its integration into the liberty Steel Group,” said the company in a statement.
During October 2019, UK-based GFG Alliance consolidated its steel businesses into one global entity under the name Liberty Steel Group. The group currently has operations in 200 locations in ten countries.
Adhunik’s plant is located in Odisha with a coal-fired blast furnace and an electric arc furnace with an annual capacity of 500,000 tonnes a year of crude steel. Zion Steel is a rolling mill with a capacity of 400,00 tonnes a year.
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