Sanjeev Gupta’s financial woes may hit AP steel plant plan
March 15, 2021
The UK steel tycoon had entered into a joint venture with the State govt
The mounting financial troubles for Sanjeev Gupta, the UK steel tycoon, is likely to be a dampener for one of the largest steel projects of the Andhra Pradesh government, investment bankers and loan arrangers told
BusinessLine.
Greensill Capital, the main lender to Gupta’s businesses, has mentioned in its bankruptcy filings that Gupta’s operations were in “financial difficulty” and defaulting on debt. While Gupta had declined to comment on the claims and his umbrella business GFG Alliance has said that it had adequate funding, the workers of Gupta’s flagship Liberty Steel in UK have been put on a furlough.