Liberty House, the London-based metals group founded by India-born billionaire Sanjeev Gupta, plans to build a steel plant in place of the existing ship-building facility if its bid to buy troubled ship maker ABG Shipyard is accepted. Gupta’s Liberty House has placed a bid of ₹ 5,200 crore for ABG Shipyard, which owes close to ₹ 19,000 crore to creditors.
In the three rounds of bidding held for this asset, Liberty House has emerged as the sole bidder. The company’s resolution plan for the ship builder is pending at the Ahmedabad bench of the National Company Law Tribunal (NCLT).
In a 22 August interview, Gupta said that if Liberty House were to win the asset, he would re-purpose the facility to recycle metal scrap. Read more
Latest posts by Livemint (see all)
- SN Sahai named new power secy as Garg’s retirement accepted - October 23, 2019
- This advanced system may help Indian Railways reduce Delhi-Howrah travel time to 12 hours - October 23, 2019
- Delhi Metro green, pink line stations to be connected by a walkway soon - October 22, 2019