Liberty House Plans To Turn ABG Shipyard Into Steel Plant


Liberty House Plans To Turn ABG Shipyard Into Steel Plant

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

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