British company Liberty Steel announced that it plans to make more acquisitions in India. This is based on his assumption that the country’s economy is likely to witness tremendous growth as it comes with the aftermath of the long-term lockdowns caused by the Covid-19 pandemic.
It should be noted that the company acquired the assets of Adhunik Metaliks (AML) for Rs 500 crores in March this year. In addition, he also acquired the Zion Steels company, which manufactures TMT rods for AML.
The company announced that it plans to double the capacity of its AML Odisha steel plant to approximately 1 million tonnes. The plant is expected to begin production in September after five long years of downtime. Liberty Steel carried out major overhauls at the plant even during the blockage period, preparing it for an early launch.
According to V. Ashok, Chief Financial Officer of GFG Alliance, the company’s strategy is aimed at identifying opportunities and ensuring positive changes in the industry by upgrading facilities to make them more energy efficient and productive.
Meanwhile, Liberty Steel has reportedly made a decision to acquire two strategic steel mills in northern France. The Hayange mill in the Moselle and the Ascoval mill in Saint-Saule will be added to the list. The French refused to sell these assets to the Chinese Jingye Group.