Gupta goes to conflict with non-public fairness predator which is making an attempt to take management of Dunkirk aluminium smelter
Sanjeev Gupta has launched a authorized offensive in opposition to a US non-public fairness agency to cease it seizing management of an aluminium smelter in Dunkirk.
The metal tycoon’s GFG Alliance – which has appreciable operations in Britain – mentioned it’s going to search to dam any ‘predatory’ makes an attempt by American Industrial Companions (AIP) to take over the smelter in northern France.
The smelter is a part of GFG’s Alvance aluminium enterprise.
Sanjeev Gupta’s GFG Alliance mentioned it’s going to search to dam any ‘predatory’ makes an attempt by American Industrial Companions to take over the smelter in northern France
Earlier this 12 months, AIP purchased a part of Alvance’s debt from different lenders and mentioned final week that it had acquired the Dunkirk smelter and two different French companies because of debt defaults by Gupta’s group.
Nonetheless, GFG retorted by saying AIP’s assertion that it had defaulted was ‘incorrect’ and the non-public fairness agency had as a substitute been refusing to simply accept mortgage repayments.
‘This can be a cynical and predatory effort to attempt to purchase our enterprise on a budget,’ Gupta mentioned.
‘We are going to struggle this with all of our efforts to make sure Dunkirk stays inside our worldwide metal and aluminium group.’