GFG Alliance makes entry into Indian market with completion of steel plant acquisitions

GFG Alliance has completed its acquisition of Adhunik Metaliks and Zion Steel in a 4.25 billion rupees ($60 million) cash deal, marking its entry into the Indian steel market, the company said on Tuesday February 18.

Adhunik is an integrated steel plant in the Indian state of Odisha. It has a blast furnace and electric arc furnace (EAF) with steelmaking capacity of 500,000 tonnes per year, as well as a 34MW captive power plant. It produces ferro-alloys, billet, bars and rounds.

Adhunik along with Zion Steel, its associated steel-rolling facility, has a combined rolling capacity of 400,000 tpy. The sites produce products for the automotive, energy,...

Published

Carrie Bone

February 18, 2020

12:39 GMT

London