British-based tycoon Sanjeev Gupta's GFG Alliance has completed the takeover of Adhunik Metaliks Ltd and Zion Steel Ltd.: British-based tycoon Sanjeev Gupta's GFG Alliance has bought a bankrupt steel plant in India for $60 million. GFG has grown rapidly from its roots as a metals trader by spending billions of dollars buying up often troubled metals manufacturing facilities from the US to Europe and Australia. The privately-held group completed the takeover of Adhunik Metaliks Ltd and Zion Steel Ltd, GFG said in a statement on Tuesday, adding to a string of acquisitions in steel and aluminum in recent years.