Liberty Steel's Adhunik Metaliks resumes operations
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Update time : 2020-10-22 16:07:58
MUMBAI: The first phase of production at Adhunik Metaliks Ltd NSE 0.00 % and Zion Steel will begin on Thursday after almost three years of its shutdown and the subsequent acquisition by Sanjeev Gupta's Liberty Steel through the insolvency process in February of this year.
“The journey to get to this stage has not been without challenges, especially as we continue to manage the COVID-19 pandemic. The myriad of challenges in starting up the plant and machinery was overcome through the work of Adhunik’s team,” said the company’s managing director Uday Gupta.
Adhunik and Zion Steel were taken to the insolvency courts and had an admitted debt of around Rs 5,000 crore, according to court filings in 2017. Billionaire Sanjeev Gupta-led GFG Alliance through the steel business Liberty Steel in February, announced the acquisition of Adhunik Metaliks and its arm Zion Steel for about Rs 425 crore.
Adhunik Metaliks was GFG Alliance’s first entry into India as the group was eyeing the Indian market for long after having failed to acquire Amtek Auto, ABG Shipyard and Bhushan Power through the insolvency and bankruptcy process.
