Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / People/  Liberty House’s Sanjeev Gupta to merge steel operations
BackBack

Liberty House’s Sanjeev Gupta to merge steel operations

Other companies in his family’s privately-held GFG Alliance conglomerate will also be organised for possible IPOs in the future
  • Liberty Steel, with annual output of 18 million tonnes, would be the world’s 17th largest steel producer, based on World Steel Association figures for 2018
  • Sanjeev Gupta (Photo: Bloomberg)Premium
    Sanjeev Gupta (Photo: Bloomberg)

    British commodities tycoon Sanjeev Gupta will merge his family’s steel operations by the end of the year into a new entity, the Liberty Steel Group, to be ready for a potential listing, he said on Tuesday.

    Other companies in his family’s privately-held GFG Alliance conglomerate will also be organised for possible IPOs in the future, he told Reuters in an interview.

    “Whether it’s the steel, aluminium or energy companies ... all the companies will be made ready in terms of governance, reporting and transparency, so they’ll be ready in every way to go for a listing as and when they want to."

    Currently the steel assets are held under GFG’s Liberty House Group, but will be incorporated by the end of the year with a board of directors and consolidated accounts for its $15 billion of annual turnover.

    “The merger will take place by the end of the year and we’ll do a set of proforma numbers within Q1 next year," said Gupta, executive chairman of the GFG Alliance.

    He said any potential listing could be in London or elsewhere.

    Liberty Steel, with annual output of 18 million tonnes, would be the world’s 17th largest steel producer, based on World Steel Association figures for 2018.

    The new steel group, with operations in 10 countries and 30,000 employees, will also press ahead with a sustainable steel initiative, aiming to become carbon neutral by 2030, Gupta said.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 29 Oct 2019, 10:36 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App

    Chat with MintGenie