• Monday, October 18, 2021
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Bangladesh Corona Update 
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Today's Fatalities 3,998
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UK Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
India corona update 
Total Fatalities 452,290
Total Cases 34,081,315
Today's Fatalities 166
Today's Cases 13,596

Business

Sanjeev Gupta approaches Glencore to ‘rescue his business empire’

Sanjeev Gupta (Photo: DENIS CHARLET/AFP/Getty Images).

By: Pramod Thomas

BILLIONAIRE Sanjeev Gupta’s GFG Alliance is again pursuing a deal with Glencore to refinance his European aluminium business, which includes Europe’s largest aluminium smelter at Dunkirk, reported The Times.

Glencore is an Anglo-Swiss multinational commodity trading and mining company with headquarters in Baar, Switzerland.

An agreement to forward-sell aluminium production to the commodities group could enable Gupta’s group firm to avoid selling its aluminium assets, known as Alvance, the report added.

According to the Financial Times, the potential deal could result in more than $500 million of Alvance’s debt being refinanced by Glencore.

Gupta is trying hard to save his business empire after the collapse of Greensill Capital, its biggest lender. The group is also under pressure after the Serious Fraud Office launched an investigation into suspected fraud and money laundering at GFG, The Times report said.

In April, American Industrial Partners (AIP), a US private equity group, bought most of the senior debt related to the Dunkirk smelter and the Duffel rolling mill in Belgium, putting it in a leading position to buy the assets.

Such a sale to AIP was supported by GFG’s chief investment officer, Jay Hambro, but that Gupta was unhappy, a Bloomberg report said.

“GFG continues to focus on the restructuring and refinancing of its businesses following the collapse of Greensill Capital. The Alvance portfolio is performing well supported by strong market conditions,” GFG Alliance said, but Glencore declined to comment.

Meanwhile, AFP on Friday (2) reported that ArcelorMittal remains in the running for Liberty Steel’s key French activities, despite news of a provisional deal with Germany’s Saarstahl.

The French Treasury had announced that an agreement in principle has been signed between Liberty and Saarstahl for the purchase of France’s Ascoval steelworks and Hayange rail plant.

“Liberty Steel Group has presented … a number of options to secure the future of Liberty Steel France (LSF), which incorporates Liberty Ascoval and Liberty Rail Hayange,” a GFG spokesman said.

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