National Company Law Tribunal (NCLT), Kolkata, has approved Liberty House Group’s resolution plan for Adhunik Metaliks and Zion Steel, the company said.
Liberty House Group is ready to complete all the activities and start reviving Adhunik Metaliks and Zion Steel, it added.
“We have important ambitions for India and approval to acquire Adhunik is a milestone on our path towards implementing our vision for sustainable steel production and downstream manufacturing in the country,” GFG executive chairman Sanjeev Gupta said in a statement.
“Adhunik’s integrated operations, and supply linkages to downstream industry, especially to Amtek Auto, also recently approved for acquisition by Liberty House, will enable us to build this value chain progressively. India is a growing marketplace with bright outlook for steel, and downstream industries. We look forward to completing the acquisition and implementing our resolution plan in a speedy manner. I want to personally extend a warm welcome to the entire workforce of Adhunik and look forward to them becoming a part of growing GFG family.”
Source: Business-Standard