Liberty Steel Plans to Keep Indian Assets
Mint reported that Liberty Steel Group has no immediate plan to sell its Indian steel plants and has declined several offers from potential buyers for Adhunik Metaliks and SBQ Steels Ltd. The report quoted a source as saying that “As things stand, Liberty is holding on to the Indian steel assets possibly because of India’s growing steel demand, but that may change if things get tough and a lot depends on what kind of offers the group gets for its UK asset, which has been put on the block."
Another source added “Since no Indian lender has any exposure to any Liberty Steel companies, the fate of the two Indian units will finally depend on how the overall restructuring process of Liberty Steel goes.”
In February last year, Liberty Steel acquired Odisha-based Adhunik Metaliks and its subsidiary, Zion Steel, in an all-cash deal and followed up with the acquisition of Andhra Pradesh-based SBQ Steels in a similar transaction. Following the acquisition, the group started partial operations in Adhunik and employed around 1,500 people.