GFG Alliance

Gupta, who now lives in Dubai, has traveled to the UK to visit a sick relative as well as for business meetings, according to people familiar with the matter

GFG Alliance, which has a presence in the domestic steel sector, has raised USD 40 million (around Rs 330 crore) term loan from Eclipse Business Capital in the US. The amount, which has been raised through group company LIBERTY Steel USA, will be utilised to refinance its existing term loan, GFG Alliance said in a statement on Monday. "LIBERTY Steel USA has successfully raised a USD 40 million term loan with Eclipse Business Capital to refinance its existing term loan before its maturity in January 2023," it said. The statement did not divulge further information. "The refinancing of our term loan and the enhancement of our ABL (Asset-based Lending) with Eclipse Business Capital off the back of strong results this year shows the growing confidence in the future of our business and concludes our current financing needs," Axel Ampolini, Executive Vice President at LIBERTY Steel USA, said. Martin Battaglia, Chief Executive Officer of Eclipse Business Capital, said: "Our partnership w

Gupta's sprawling group of metals firms, gathered under a loose umbrella called GFG Alliance, were pushed to the brink when Greensill collapsed in March 2021

The FRC said it made the decision to investigate the audits in February, but gave no further information

GFG Alliance, owned by commodities tycoon Sanjeev Gupta, has appointed Sandip Biswas, a former executive with Tata Steel, as chief investment officer

The London-based lender supplied billions of dollars in loans to GFG, many of which were packaged and sold as funds

On Monday, Gupta's group had told Greensill in February that it would be insolvent without its funding.

In the UK, Prime Minister Boris Johnson's administration is in constant contact with Gupta's steel division over the impact on British factories and jobs

In November 2016, Gupta had started exclusive talks with Tata Steel UK for the acquisition of its speciality steels business based in West Yorkshire and China

Adhunik is an integrated steel plant located at Chadrihariharpur near Rourkela in Odisha with steel making capability using the blast furnace and electric arc furnace

Mehta's role to also include building corporate governance structure for the group; he was earlier CEO at Vedanta Resources Plc and more recently, CEO of Reliance Infra