').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Sanjeev Gupta Takes Over Assets Of Father's Simec Group
The business is involved in renewable energy, shipping and mining, and was founded by the magnate as an export-and-import house in India
Topics
Sanjeev Gupta | metal sector
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.
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
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.
Simec’s change of ownership will have no impact on the day-to-day running of the business, the GFG spokesperson said.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Wed, March 08 2023. 23:34 IST
JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity
JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more
Private Equity And Banks: The Complex Web Of Leverage
Private equity has emerged as a significant force in the global financial landscape, driving substantial growth and inve... Read more
Financial Watchdog Highlights Unresolved Vulnerabilities In Shadow Banking Sector
The world’s leading financial stability watchdog has issued a warning about the unresolved vulnerabilities within the ... Read more
JPMorgan And Small Caps Lead Market Rally: A Sign Of Economic Optimism
In a week marked by strong financial performance, JPMorgan Chase & Co. reported a 25% rise in profits, and US small-... Read more
Big Banks Vs. Regional Banks: The Battle For Market Share
The financial industry is a competitive landscape where big banks and regional banks vie for market share. Each type of ... Read more
The Evolution Of Philanthropic Advisory Services In Private Banks
The landscape of philanthropic advisory services provided by private banks has undergone a significant transformation. T... Read more