Cash-strapped Liberty group is keen on keeping its Indian steel assets while it has opted to sell off Liberty Aluminium Technologies, Liberty Pressing Solutions, according to local media. The group led by Sanjeev Gupta has confirmed its willingness to sell the complex manufacturing units of Liberty Aluminium Technologies and Liberty Pressing Solutions.
Liberty group is under financial stress after the collapse of its vital financier Greensill Capital. Local media reported that the group has initiated the process for the sale of Liberty Aluminium Technologies located in Daimler Green and Liberty Pressing Solutions.
On the other hand, the group had turned down potential bids for its assets Adhunik Metaliks and SBQ Steels in India. As part of its design to establish a steel base in India Liberty Steel acquired Adhunik Metaliks and Zion Steel located in the iron ore-rich state of Odisha and later acquired SBQ Steels in Andhra Pradesh.