Liberty eyes other acquisitions if bid for Tata Steel UK fails
Geneva - Arab Today
Liberty House Group, which wants to buy the British assets of Tata Steel, has its eye on other steel plants in the US, Africa and India if the Tata deal doesn’t happen, Executive Chairman Sanjeev Gupta said.
Liberty and other companies belonging to the Gupta Family Group (GFG) are looking for acquisitions and GFG plans to list part of its assets to expose itself to the rigorous governance demanded of public companies, Gupta, who is co-owner of the group, said on Friday.
“We are discussing various alternatives but something within the group will be listed within the next 12-18 months,” he said. “It’s ambitious but that’s what we’re going to try to do,” he said. He did not say where the group planned to list.
GFG companies are particularly interested in turnaround assets, Gupta said.
“Whatever we have bought so far has been cheap and we’ve managed to turn them around,” he said. “Every single one of our peers is out there trying to deleverage, dumping high-quality assets into a market that doesn’t want to buy them,” Chief Investment Officer Jay Hambro Liberty is one of a number of companies that have put forward offers to buy Tata Steel’s loss-making UK operations and save thousands of jobs in Britain, whose steel industry has been hit by cheap Chinese imports, high energy costs and a global supply glut.