According to Australian public broadcaster ABC, Gupta, following a tour of the facility, said the investment will occur over the short and medium terms, but more could follow. 

"There are long-term plans which could be far more exciting, far more grand in terms of steel capacity here," he said, according to ABC. 

According to the Nikkei Asian Review, the facility has a capacity of 1.2 million metric tons annually and is the country’s only producer of rail and hot-rolled structural steel. 

Gupta and his family’s GFG Alliance are buying the iron ore miner and steelmaker out of administration. The deal hasn’t yet been finalized and the size of the alliance’s bid hasn’t been disclosed. 

However, the Nikkei Asian Review said it’s believed to be around AU$700 million. 

“I wouldn’t call it a bargain,” Gupta said, according to The (Adelaide, South Australia) Advertiser.