Liberty House gets CoC approval to acquire AdhunikMetaliks
Liberty House, part of Sanjeev Gupta’s global GFG Alliance, has secured the approval of the Committee of Creditors (CoC) to acquire and revive the AdunikMetaliks integrated steel production operation at Chadrihariharpur near Rourkela in Odisha in eastern India.
The plant currently has steelmaking capacity capable of being expanded to 1 million metric tonnes per annum (mmtpa).Adhunik manufactures ferro alloys, billets, bars and rounds. Its customer segments are automotive, engineering, oil and gas, telecom, defence, power, railways and construction.
Within automotive, Adhunik has approvals from leading OEMs and supplies Tata Motors, Mahindra, Ashok Leyland, Ramakrishna Forging, JMT Auto, and Amtek Auto, which has also received approval from creditors for acquisition by Liberty House.
Adhunik Metaliks had been in corporate insolvency resolution process since August 2017.