GFG Alliance expands to India

GFG Alliance has cemented its entry into India with acquisition of Adhunik Metaliks Ltd (Adhunik) and Zion Steel Ltd (Zion).

Adhunik is an integrated steel plant located at Chadrihariharpur, near Rourkela in Odisha, in east India. The plant has both blast furnace and Electric Arc Furnace steel making capability with 0.5 million tonnes per annum capacity, and a 34MW captive power plant.

Adhunik along with Zion Steel, its associated steel rolling facility, has a combined rolling capacity of 400k tonnes per annum. The sites produce products for the automotive, energy, engineering and oil and gas sectors.

Our Executive Chairman said the acquisition was an important milestone and entry into “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,” Sanjeev said.

“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. On a personal note, it is great to be investing in the country where my family began in the steel industry a generation ago.”

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.