Metals tycoon Gupta to merge steel operations ahead of possible IPO
2019-10-31 09:29:07 [Print]
British commodities tycoon Sanjeev Gupta will merge his family's steel operations by the end of the year into a new entity, the Liberty Steel Group, to be ready for a potential listing, he said on Tuesday.
Other companies in his family's privately-held GFG Alliance conglomerate will also be organized for possible IPOs in the future, he revealed.
Currently the steel assets are held under GFG's Liberty House Group, but will be incorporated by the end of the year with a board of directors and consolidated accounts for its $15 billion of annual turnover.
"The merger will take place by the end of the year and we'll do a set of proforma numbers within Q1 next year," said Gupta, executive chairman of the GFG Alliance.
He said any potential listing could be in London or elsewhere.
Liberty Steel, with annual output of 18 million tonnes, would be the world's 17th largest steel producer, based on World Steel Association figures for 2018.
Other companies in his family's privately-held GFG Alliance conglomerate will also be organized for possible IPOs in the future, he revealed.
Currently the steel assets are held under GFG's Liberty House Group, but will be incorporated by the end of the year with a board of directors and consolidated accounts for its $15 billion of annual turnover.
"The merger will take place by the end of the year and we'll do a set of proforma numbers within Q1 next year," said Gupta, executive chairman of the GFG Alliance.
He said any potential listing could be in London or elsewhere.
Liberty Steel, with annual output of 18 million tonnes, would be the world's 17th largest steel producer, based on World Steel Association figures for 2018.
