Indian-origin metals tycoon Sanjeev Gupta-owned Liberty Steel Group on Friday said it will soon begin detailed due diligence of the steel assets of Thyssenkrupp in Europe.
In October, the UK-based Liberty Steel had made a non-binding indicative offer to Thyssenkrupp to acquire the German steel major's assets in Europe. Liberty Steel had said it is open to intensifying the dialogue with Thyssenkrupp and would like to engage in further due diligence to present a potential binding offer if given the opportunity to proceed in the transaction process.
"Thyssenkrupp and Liberty Steel Group have agreed to enter a further process phase. Liberty Steel will shortly begin detailed due diligence and thus gain insight into key business data of Thyssenkrupp's steel business," Liberty Steel said in a statement.
Liberty Steel is a part of a diversified GFG Alliance, owned by Gupta, which also has a presence in India. In February, the GFG Alliance announced its foray into the Indian steel industry with the acquisition of Adhunik Metaliks and its arm Zion Steel for about Rs 425 crore.
With respect to deal with Thyssenkrupp, the company had earlier said if the discussion materializes in any relevant agreement between the two companies, it will publish further information on the matter in due course.