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GFG Alliance Completion Acquisition of Adhunik Metaliks and Zion Steel

Steel News - Published on Wed, 19 Feb 2020

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GFG Alliance has completed the acquisition of Adhunik Metaliks Ltd and Zion Steel Ltd in a INR 4.25 billion (USD 60 million) cash deal. GFG Alliance will introduce its GREENSTEEL model to revive the steel plants, combining steel recycling with low carbon and renewable power sources, to create a more sustainable, competitive operation serving local markets. Adhunik is an integrated steel plant located at Chadrihariharpur near Rourkela in Odisha. The plant has both blast furnace and Electric Arc Furnace steel making capability with 0.5 million tonnes per annum capacity, and a 34MW captive power plant. Adhunik along with Zion Steel, its associated steel rolling facility, has a combined rolling capacity of 400,000 tonnes per annum. The sites produce products for the automotive, energy, engineering and oil & gas sectors.

GFG Alliance Executive Chairman Mr Sanjeev Gupta said “Today marks an important milestone in our global steel strategy with the purchase of Adhunik Metaliks and our entry into India – one of the fastest growing and most vibrant steel markets in the world. We see huge potential in this business through the introduction of our GREENSTEEL model to create a competitive, sustainable operation to serve the local market. It has been a challenging journey to get us to this stage, but we now look forward to starting work in partnership with all stakeholders to revive these plants and bring employment back. On a personal note, it is great to be investing in the country where my family began in the steel industry a generation ago.”

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Posted By : Rabi Wangkhem on Wed, 19 Feb 2020
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