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Liberty House to recommence operations at Adhunik Metaliks

Friday, 11 Sep 2020
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Liberty House plans to recommence production at its acquired steel companies, Adhunik Metaliks and its subsidiary Zion Steel, in a phased manner by the end of September 2020. 
The company had acquired the two firms through an insolvency-driven process. 
Adhunik Metaliks has already restored the power supply from the state power distribution company even as it is working to restart its captive power plant by September 2020-end. 
Liberty House has already invested Rs 500 crore in Adhunik Metaliks and will invest in another Rs 300 crore in coming months. It plans to double the capacity of the plant in the medium term. Adhunik Metaliks will employ about 1,100 people at its plant. 
AdhunikMetaliks has an integrated steel plant with a capacity of 0.5 million tonne and 34 MW captive power plant in Odisha. 
The company plans to restart production in a phased manner and ramp up capacity utilisation to optimal level in one year.
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