UK-based Liberty Steel is looking for more acquisitions to double the production capacity of Odisha’s plant to 1mn mt, said media reports.
In March, the company had acquired Adhunik Metaliks (AML). The production process at the idled AML plant is likely to commence from September 2020. After the global pandemic crisis, India’s GDP growth is forecast to bounce back in the next fiscal year. The company’s strategic acquisition is driven by increased demand for steel and aluminium, the urgent need to de-carbonise the sectors and new investment in traditional manufacturing industries.
GFG Alliance executive chairman, Sanjeev Gupta, has also shown interest in acquiring Tata Steel’s Port Talbot unit in the UK.