Sanjeev Gupta-led GFG Alliance’s Liberty Steel is planning to double the annual capacity at Odisha-based Adhunik Metaliks to 1mn mt in the next three to four years, according to a media report.
The company acquired the bankrupt Adhunik Metaliks through the insolvency route in March and recently began operations at the plant.
A top company official informed that during the nationwide lockdown, the company refurbished the idle plant and equipment and it is looking to ramp-up production in phases and reach full capacity within a year.
The company added that it will use electric furnaces to make ‘greensteel’ towards a renewable future. It did not reveal the investment required to double the capacity and said it will depend on the technology the company adopts.
The plant aims to become carbon-neutral by 2030.
The plant is located near Rourkela in Odisha and has an annual steel-making capacity of 500,000mt and a 34 MW captive power plant. It produces steel for auto, energy, engineering, and oil and gas industries apart from catering to the commodity market.