 "Sanjeev Gupta takes over assets of father's Simec Group")
Sanjeev Gupta has taken control of assets owned by his father as he reorganises 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.
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
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, which owns two UK steel firms. Gupta’s InfraBuild Australia also bought three of his US steel businesses.
Last month, GFG announced a deal to acquire Aartee Group, which owns two UK steel firms. Gupta’s InfraBuild Australia 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.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%