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Sanjeev Gupta's Liberty gets financing for Dunkirk aluminium smelter

Reuters  |  PARIS 

(Reuters) - Industralist Sanjeev Gupta's company has secured the financing for its acquisition of a Dunkirk aluminum smelter from

The company said on Friday that it had entered into a committed financing agreement with a syndicate of major international banks. It said the term loan, secured on standard financial terms, provided for five years of committed funds.

added that the financing allowed it complete the takeover of the site, which employs 560 staff, by end-November.

"Today's announcement follows extensive talks over recent months aimed at securing approvals, long-term power price contracts and robust measures to protect the in the face of aluminium market turbulence arising in part from U.S. sanctions against Rusal and the closure of a major alumina refinery in Brazil," Liberty said in a statement.

and Liberty had announced in January a binding agreement on the sale of the Dunkirk site, Europe's largest aluminium smelter, in a deal expected to be worth $500 million, subject to final adjustments.

(Reporting by Sudip Kar-Gupta; Editing by Gus Trompiz)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 09 2018. 16:46 IST