There are striking resemblances in the ambition that Gupta, owner of Liberty Steel Group. But there is also a significant difference
Tata Steel is struggling to run Port Talbot, a facility that Gupta nearly acquired more than three years ago.
The deal, which also includes Zion Steel, is valued at Rs 425 crore.
Under the terms of the deal, GFG Alliance company Liberty Steel USA will acquire KCI, including all its subsidiaries, for USD 320 million in cash, less certain assumed liabilities.
To invest $1 billion in the next one year in acquisition of more assets.
After successfully turning around and acquiring businesses in the UK and Australia, the billionaire entrepreneur is back in his home country
If its bid is successful, Liberty House will invest USD 10 billion in India over five years
Tata Steel speciality business would immediately give an outlet to recycle domestic scrap, said Sanjeev Gupta, Executive Chairman, Liberty House Group.
The firm 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.
British Indian magnate Sanjeev Gupta's Liberty House Group unveiled plans for a new steel super-plant powered by renewable energy in the UK
An Excalibur delegation, including chief executive Wilkie and chairman Roger Maggs, held talks with Gupta on Friday at his London office, The Sunday Times reported.
Indian-origin businessman Sanjeev Gupta's Liberty House on May 16 announced that it would be restarting from next month steelworks in south Wales which it had acquired from NRI industrialist Lord Swraj Paul's Caparo Group last year.
Liberty House's CEO Sanjeev Gupta told CNBC on Friday that he's committed to sustaining all current jobs if the bid for Tata Steel UK is successful and will concentrate on re-training existing steel workers.
The company described this as an "indicative bid for the entire issued share capital of Tata Steel UK," central to which is the Port Talbot steelworks in south Wales the UK's largest and employs around 4,000 workers.
Indian-origin businessman Sanjeev Gupta's Liberty House group will today submit its letter of intent to acquire Tata Steel's loss making units in the UK.
Liberty House's aim would be to focus on using domestically available raw materials to make products which are more green and more sustainable, says its Executive Chairman Sanjeev Gupta.
The commodities trading firm, which emerged as an early front-runner for Wales-based Port Talbot steelworks, had said last week that its team was evaluating the bid.
Britain-based Indian tycoon Sanjeev Gupta has said his Liberty House group is evaluating a bid for other UK assets of the troubled Tata Steel after completing the acquisition of the firm's loss-making plants in Scotland.
Metals trader Liberty House Group had already announced its intention to bid for the assets and Gupta said he expects there will be other bidders although he wasn't aware of any.
The 44-year-old founder and chief of Liberty House Group, who evinced interest in acquiring the steelworks in Wales, has since held a series of high-level discussions, including with UK business secretary Sajid Javid, to explore its viability.
While Stephen Kinnock remained hopeful that a reliable buyer for Tata Steel's UK assets will come along, he didn't think the UK government had done a decent enough job in trying to lift the steel business.
The idea would be to convert the loss-making units into a secondary steel producer from a primary steel producer, said Sanjeev Gupta, Managing Director of metals group Liberty House
The development comes amidst Javid's scheduled meeting with Tata Group Chairman Cyrus Mistry Ã³n Wednesday for an update on the sales process of Tata Steel's UK operations.
Gupta indicated Tata Steel's pension fund, with 130,000 members and liabilities of almost 15 billion pounds, could prove a barrier to rescue.