The mill had been undergoing insolvency resolution since 2017. The Committee of Creditors unanimously approved Liberty’s plan to revive the facility.

Adhunik Metaliks produces 1 million tons per year of ferroalloys, billets, bars and rounds for various industries including automotive and construction.

The acquisition will be part of Liberty House Group’s larger ambition to invest US$5 billion in India as part of its GREENSTEEL strategy.

“India is a growing marketplace with bright outlook for steel and downstream industries, in particular the automotive sector. We look forward to completing the acquisition and implementing our resolution plan in a speedy manner,” said Sanjeev Gupta, executive chairman of Liberty House’s parent company GFG Alliance.
You can read the full announcement here.