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.