Sanjeev Gupta Completes Acquisition of Bankrupt Indian Steelmaker

UK steel magnate Sanjeev Gupta has completed the acquisition of a bankrupt Indian steelmaker after a long court battle, the first foray by his GFG Alliance into the country’s fast-growing market following previous failed attempts, the Financial Times reported. Mr Gupta’s privately owned conglomerate announced on Tuesday that it had acquired bankrupt Adhunik Metaliks and Zion Steel, part of the Adhunik Group, after completing payments worth a total of Rs4.25bn (£46m) ahead of a court-ordered deadline last Friday.  The acquisition gives Liberty Steel, which is part of GFG Alliance, control of Adhunik and Zion’s shuttered steel manufacturing complex near Rourkela in eastern India, which has capacity to produce 500,000 tonnes of steel a year and “roll” 400,000 tonnes of material. Liberty’s bid for the companies, which was accepted in mid-2018, nearly fell apart after litigation delayed the proceedings and a lower court ordered the failed companies into liquidation. Read more