Skip to content
Search

Latest Stories

Sanjeev Gupta owes £4bn to troubled firm Greensill: report

THE likely collapse of Australian finance house Greensill is trouble for Indian-born British businessman Sanjeev Gupta as he owes around £4 billion to it and some of the world’s biggest lenders, reported The Times.

Reports said that Gupta’s acquisition spree has been fuelled by Greensill’s supply chain finance funds, enabling him to buy up steel and aluminium factories from Scotland to Australia.


That included providing more than £1.9 billion of funds for him to buy a clutch of European steelworks from Arcelor in 2019.

Greensill provided Gupta with huge sums to buy assets from companies including Tata, Arcelor Mittal and Rio via invoice discounting, where it advanced cash to Gupta and took on its customers’ IOUs.

According to The Times, Gupta has stopped paying Greensill up to £100 million a day since Monday (1), implying up to £500m of cash has been withheld just last week.

Besides, GFG Alliance owes to lenders including JP Morgan, Blackrock, Bank of America, mining giant Rio Tinto and bondholders totals more than £800m.

Greensill was thrown into turmoil when Credit Suisse suspended its $10 billion (£7.2 billion) supply chain fund last week.

The company was founded by Australian banker Lex Greensill and advised by former UK prime minister David Cameron. Grant Thornton is lined up to handle the imminent administration of the company, which is backed by Japan’s Softbank.

Meanwhile, GFG claimed that its operations are running normally and the company is benefitting from strong market conditions generating 'robust sales and cash flows'.

"Our operational efficiency programme has improved profitability and we are making progress in our discussions with financial institutions that can help diversify our funding," it said.

But, unions are on alert over GFG’s health. Business secretary Kwasi Kwarteng met steel bosses last week, including a Liberty executive.

Reports said that former city minister Lord Myners was offered a seat on the board of Greensill and lucrative share options despite being a vocal critic of the company. But he turned down the offer.

In 2019, Myners called on the city watchdog to formally investigate the GAM Greensill Supply Chain Finance fund amid concerns about assets in the fund linked to Sanjeev Gupta, the steel tycoon.

Gupta is trying to raise rescue funds from Glencore by forward selling aluminium to the metals giant, after the tycoon flew to Switzerland last week for talks with Glencore executives, The Times reported.

GFG Alliance employs about 35,000 people, 5,000 in the UK.

More For You

Satya Nadella backs £30bn Microsoft push in UK
Satya Nadella
Satya Nadella

Satya Nadella backs £30bn Microsoft push in UK

MICROSOFT CEO Satya Nadella on Wednesday (17) said the American tech giant is “doubling down” on its investments in Britain as US president Donald Trump began his state visit with the launch of a US-UK Tech Prosperity Deal.

The agreement focuses on advancing fast-growing technologies such as artificial intelligence (AI), quantum computing, and nuclear innovation.

Keep ReadingShow less
Jaguar Land Rover’s factory in Solihull, Britain

FILE PHOTO: A member of staff works on the production line at Jaguar Land Rover’s factory in Solihull, Britain. REUTERS/Phil Noble

Government steps in as JLR cyber attack stalls output

BRITAIN's largest carmaker, Jaguar Land Rover, said a pause in production due to a cyber attack would now stretch to September 24, extending the stoppage at its plants to more than three weeks.

The luxury carmaker, owned by India's Tata Motors, said it shut down its systems in early September to contain the hack that has severely disrupted its retail and manufacturing operations.

Keep ReadingShow less
Modi & Trump

Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025.

Reuters

India, US to discuss trade issues after tariff hike

INDIA and the United States will hold trade discussions in New Delhi on Tuesday, officials and Indian media reports said, as the two countries look to resolve a tariff dispute.

India currently faces high US tariffs on most of its exports and has not yet been able to reach a trade deal that would ease the pressure.

Keep ReadingShow less
Piyush Goyal

Piyush Goyal recalled that in February, Narendra Modi and Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025. (Photo: Getty Images)

Getty Images

Trade talks with US moving forward positively, says Indian minister Goyal

INDIA’s commerce and industry minister Piyush Goyal on Thursday said that negotiations on the proposed trade agreement between India and the United States, which began in March, are progressing in a positive atmosphere and both sides are satisfied with the discussions.

He recalled that in February, Indian prime minister Narendra Modi and US president Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025.

Keep ReadingShow less
Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

Keep ReadingShow less