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Sanjeev Gupta's GFG raises $465m in working capital for its Australian plant

INDIAN businessman Sanjeev Gupta's GFG Alliance has secured $465 million in working capital from US-based White Oak Global Advisors LLC and Greensill Capital UK Ltd for its steel business in Australia, the company said today (21). 

Gupta's GFG is building a steel business in Australia after it acquired the Whyalla steel plant in South Australia state in 2017. 


The London-headquartered GFG aims to produce 1.8 million tonnes of high-end steel a year in Australia, raising the output eventually to up to 10 million tonnes. 

“The execution of these facilities ... provides us with additional support to take full advantage of the growth opportunities that we currently see in the Australian domestic market,” GFG Alliance executive chairman Gupta said.

The new funds would be used in the usual business activities, including investments, working capital management and other expenses, a GFG spokeswoman said. 

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Aegon exits UK after 200 years as £2bn deal hands business to Standard Life
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Aegon exits UK after 200 years as £2bn deal hands business to Standard Life

  • Aegon sells its UK arm to Standard Life in a £2bn deal.
  • The move is part of a broader shift towards the US market.
  • The combined group will serve 16 million customers with £480bn in assets.

After nearly two centuries of presence, Aegon is stepping away from the UK market. The company has agreed to sell its UK business to Standard Life in a deal valued at about £2bn, marking a significant shift in its global strategy.

The transaction brings together two large pensions and savings businesses, creating a combined group with around 16 million customers and £480bn ($651bn) in assets under administration. For Aegon, the move is less about the UK itself and more about where it wants to be next.

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