Sanjeev Gupta has taken control of assets owned by his father as he reorganizes his sprawling metals empire.
Ownership of the Simec Group will be transferred to his son from Parduman Gupta as he retires near the age of 80, according to a GFG spokesperson. The business is involved in renewable energy, shipping and mining, and was founded by the magnate as an export-and-import house in India.
GFG Alliance — the sprawling group of businesses owned by Gupta and his family — is being reshuffled as he attempts to restructure his debts. Under a recent agreement, the metals tycoon is required to make repayments to creditors including the now defunct Greensill Bank AG and Credit Suisse Group AG, which bought debts linked to his companies.
Last month GFG announced a deal to acquire Aartee Group Pte Ltd., which owns two UK steel firms. Gupta’s InfraBuild Australia Pty also bought three of his US steel businesses.
Simec’s change of ownership will have no impact on the day-to-day running of the business, the GFG spokesperson said.
(By Eddie Spence, with assistance from Jack Farchy)
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