PIO Sanjeev Gupta to bid for French steel assets
20 Jan 2018 9:58 PM IST
London: UK-based Indian-origin steel tycoon Sanjeev Gupta's Liberty House Group is set to make an "unconditional and comprehensive offer" for the assets of two flagship French steel businesses.
The offer, to be made in court next week, is aimed at securing the jobs of close to 1,600 employees at six operations across France, as well as many supplier jobs.
Liberty plans to invest more than $366 millions over five years to stabilise and grow the business, including capital investment of $122 million to upgrade the sites and expand output.
"The market synergies between Asco Industries and our existing speciality steels business are compelling and we know that, by working together and complementing each other in the market, both businesses will grow and prosper," Gupta said.
He said the move will lead to Liberty, part of a wider GFG Alliance, implementing its GreenSteel and GreenAluminium strategies in France.
"The pro-business policies of the [French President] Macron government make France an exciting and attractive place for industrial investors such as us and we want to be part of the energetic new environment that is emerging," he noted.
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