JSW Steel Examining Bid for Sanjeev Gupta's British Business
<span style="font-weight: 400;">JSW Steel, is considering a bid to buy Liberty Steel in Britain as well as mills elsewhere, as would-be buyers circle Sanjeev Gupta's global commodities empire.</span> <span style="font-weight: 400;">JSW's interest, which extends to plants including Gupta's Adhunik
Published -
May 25, 2021 4:26 AM
JSW Steel, is considering a bid to buy Liberty Steel in Britain as well as mills elsewhere, as would-be buyers circle Sanjeev Gupta's global commodities empire. JSW's interest, which extends to plants including Gupta's Adhunik steel mill in eastern India, could mark yet another chapter for Britain's steel industry, which has been privatised and sold to overseas buyers as its pre-eminence slid in lock-step with the country's manufacturing might. JSW Steel said its focus remained in India for now and it was not looking at acquiring any overseas assets. A sale would chip away at Gupta's sprawling network of businesses, comprising hundreds of privately held companies with interests spanning steel, aluminium, mining, financial services and real estate, built up over years of acquisitions. Gupta has been scrambling to refinance after his go-to source of funding, British supply chain finance firm Greensill, filed for insolvency in March. Britain's Serious Fraud Office said this month that it was investigating Gupta's businesses, including their links to Greensill. Although JSW Steel, part of the metals-to-cement conglomerate JSW Group controlled by billionaire Sajjan Jindal, was interested in bidding, there were obstacles to any deal, including navigating the fallout from Brexit as well as India's coronavirus crisis. GFG said it "continues to serve its customers around the world and is making progress in the refinancing of its operations, which are benefiting from the operational improvements it has made and the very strong steel, aluminium and iron ore markets."
Tags : ALLIED Steel JSW Steel Bid Examining Sanjeev Gupta British Business