Liberty's India constraint: Reassuring lenders remains a tall order

Sanjeev Gupta acquired a burgeoning UK empire in five years; in India, he has secured a one-million-tonne plant after two years of trying

How does Sanjeev Gupta turn around businesses when pedigreed groups have failed? The question confronts the Ludhiana-born British businessman each time he scoops up assets to create his $20-billion steel, aluminium and renewable energy empire from an obscure trading company five years ago.

On October 16, Liberty Steel Group — part of GFG (an acronym for Gupta Family Group) Alliance, a collection of businesses and investments owned by Sanjeev Gupta and family — announced that it had made an offer to acquire thyssenkrupp Steel.

If it materialises, the deal would be Liberty’s biggest, combining Europe’s fourth- and second-largest steelmakers. Liberty