The Chairman of GFG Alliance, Sanjeev Gupta has expressed doubts over the fate of his French aluminium smelter, as he eyes to acquire German giant Thyssenkrupp.
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The Indian born British businessman has been in the headlines over the past few years, due to his stream of acquisitions of exhausted metal businesses, often supported by state and complex financial debts owed by the businesses.
Mr Gupta’s Liberty House acquired the Dunkirk aluminium smelter from Rio Tinto in December 2018, in a deal said to be worth $500m. The dispute between the metal tycoon and Rio is over an outstanding amount of about $50 million, which the mining group demanded from Liberty to settle the transaction and they ended up in arbitration.
The 2018 accounts for Aluminium France Industries UK, filed at Companies House, show its stretched finances.
source https://www.alcircle.com/news/sanjeev-gupta-express-doubt-over-the-fate-of-dunkirk-aluminium-smelter-60823
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