London-based conglomerate GFG Alliance is targeting to list parts of its Australian Liberty Steel business in a deal that could fetch about A$1-billion ($701-million), banking and industry sources close to the company told Reuters.
That is a more modest target than indicated when executive chairman Sanjeev Gupta said GFG was looking to list some parts of the unit and could sell only a 40% stake, which according to sources would value it at about A$2.5-billion.