Arrium had moved into voluntary administration with debts of £1.06bn, having reported annual loss of £1.01bn (Photo: DENIS CHARLET/AFP/Getty Images).


BRITISH Indian business tycoon Sanjeev Gupta is aiming a near £3 billion initial public offering (IPO) of the Australian arm of his business empire.

UK-based Gupta is floating the steel assets of Australian mining and industrial conglomerate Arrium which he acquired in 2017 for about £380 million.

Arrium had moved into voluntary administration with debts of £1.06bn, having reported annual loss of £1.01bn.

Gupta said the speed of the recovery of the Arrium business means it is being brought to market ahead of other assets which have spent longer under GFG’s control.

The steel tycoon added that his aim is to take “almost all the companies in the GFG portfolio into the public space”.

In January, Gupta said Credit Suisse had been appointed to start work on a float of GFG’s assets in the US.