British-based tycoon Sanjeev Gupta's GFG Alliance has bought a bankrupt ste...
LONDON - British-based tycoon Sanjeev Gupta’s GFG Alliance has bought a bankrupt steel plant in India for $60 million.
The privately-held group completed the takeover of Adhunik Metaliks Ltd and Zion Steel Ltd, GFG said in a statement on Tuesday, adding to a string of acquisitions in steel and aluminum in recent years. Adhunik’s plant in the eastern Indian state of Odisha, with a coal-fired blast furnace, an electric arc furnace and a power plant, has an annual capacity of 500,000 tonnes of crude steel.
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