British steel giant Gupta family alliance acquires two Indian steel mills and enters Indian market
According to foreign media reports.
The British metal tycoon (Sanjeev Gupta) ‘s GFG Alliance has spent $ 60 million. Meanwhile to acquire two bankrupt steel companies in India.
GFGAlliance said in a statement on Tuesday, The group has completed acquisitions of Adhunik Metaliks Ltd and Zion Steel Ltd in India.
Adhunik’s factory located in Odisha, eastern India. Meanwhile. It has a blast furnace, an electric arc furnace and a power plant with an annual capacity of 500,000 tons of crude steel.
Zion Steel is a rolling mill. The annual rolling capacity is 400,000 tons, which provides products for the automotive, energy and engineering industries.
But, According to the World Steel Association in 2018,
The Liberty Steel an annual output of 18 million tons, is the 17th largest steel company in the world.
The Liberty Steel Group has operations in 10 countries and employs 30,000 people, excluding the new Indian operations.
In addition, The GFG Alliance also plans to invest 2 billion euros in two steel mills in Romania and the Czech Republic. Above all, Achieve carbon dioxide emission reduction requirements and increase production at these two steel mills.
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