• Monday, March 27, 2023

Business

Sanjeev Gupta set to take control of Simec Group, to rejig metals empire

Sanjeev’s father, Parduman K Gupta, had resigned as a director of Simec International UK earlier this month

Sanjeev Gupta, head of GFG Alliance (Photo by BEN STANSALL/AFP via Getty Images)

By: Chandrashekar Bhat

COMMODITIES tycoon Sanjeev Gupta is set to take over the energy and natural resources business Simec Group founded by his father Parduman, a media report said.

Simec’s ownership will be transferred to Gupta as he reorganises his sprawling metals empire, Bloomberg reported citing a GFG Alliance spokesperson.

Like Liberty Steel and Alvance Aluminium, Simec is also part of GFG Alliance which is owned by Gupta and his family.

Established in 1996, Simec operates in shipping, infrastructure, mining, energy and commodity spaces having financial hubs in London, Dubai, Singapore, Sydney and Hong Kong. It serves customers in 30 countries.

According to the UK government website, Parduman resigned as a director of Simec International UK earlier this month.

The news of the transfer of Simec ownership comes weeks after GFG Alliance struck a deal to acquire Aartee Group which owns two steel firms in Britain.

Gupta was once regarded as a saviour of the UK’s steel industry but his business faced a fund crunch after his group’s main financier Greensill Capital collapsed in March 2021. But Gupta said months later that his businesses were making good progress following the restructuring of their debts and fresh capital infusions.

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