Close X
Tuesday, October 1, 2024
ADVT 
International

Indian-Origin Tycoon To Rescue UK's Last Aluminium Smelter

IANS, 19 Dec, 2016 01:12 PM
    Indian-origin metal tycoon Sanjeev Gupta today said he will invest a whopping 120 million pounds in Britain's last aluminium smelter as part of a deal to rescue the site and safeguard hundreds of jobs.
     
    Gupta's Liberty House and his father's related business, Simec, will pay around 330 million pounds to acquire the plant at Lochaber, in the western Scottish Highlands, and two hydro-electric plants that power it.
     
    The group has committed to invest a further 120 million pounds, creating up to 600 jobs in coming years, Gupta said.
     
    "Today is the start of an exciting new chapter in Scotland's manufacturing story and the Scottish government and its agencies will keep working with Sanjeev Gupta and the GFG Alliance to help them realise their enterprising vision for Lochaber," said Scotland's First Minister, Nicola Strugeon, during a site visit.
     
    Gupta, in his 40s, is executive chairman of Liberty House Group and of the wider family concern - GFG Alliance - strategic board.
     
     
    He said: "We hope this day will come to be recognised as the start of a bright new future for Highland industry. It puts Lochaber right at the heart of our vision for sustainable and integrated local production that can revitalise British manufacturing."
     
    Today's announcement follows a deal unveiled last month involving Liberty House and Simec to take over the site formerly owned by Rio Tinto in Scotland.
     
    Gupta's plans include creating an aluminium wheel manufacturing facility with 300 jobs directly and another 300 in the supply chain.
     
    Liberty has also said that it aims to protect the existing 170 jobs at Lochaber and expand metal manufacturing and downstream engineering in the region.

    MORE International ARTICLES

    Sanjay Kumar Joshi, Indian-Origin Fraudster Jailed For Six Years In New Zealand

    Sanjay Kumar Joshi, Indian-Origin Fraudster Jailed For Six Years In New Zealand
    The High Court at Auckland found Sanjay Kumar Joshi, 33, gulity of 27 charges relating to dishonesty,

    Sanjay Kumar Joshi, Indian-Origin Fraudster Jailed For Six Years In New Zealand

    Indian Worker Commits Suicide In UAE

    Indian Worker Commits Suicide In UAE
    A 29-year-old Indian worker in the United Arab Emirates (UAE) committed suicide by hanging himself from the ceiling of his home in Sharjah's Al Nahda area, media reported on Tuesday.

    Indian Worker Commits Suicide In UAE

    Swetha Prabhakaran, Indian American Teen Entrepreneur To Get White House Award

    Swetha Prabhakaran, Indian American Teen Entrepreneur To Get White House Award
    Prabhakaran, 15, a junior at Thomas Jefferson High School for Science and Technology, in Virginia, founded non profit Everybody Code Now!

    Swetha Prabhakaran, Indian American Teen Entrepreneur To Get White House Award

    US Stocks Decline

    US Stocks Decline
    The US stocks traded lower in the morning session on Monday as investors remained cautious ahead of the Federal Reserve's key policy meeting.

    US Stocks Decline

    Searchers Scour B.C.'s Yoho National Park For Calgary Teen Likely Swept Over Waterfall

    Searchers Scour B.C.'s Yoho National Park For Calgary Teen Likely Swept Over Waterfall
     RCMP in Golden, B.C., confirm a search has resumed in Yoho National Park for a teenager believed to have been swept over a waterfall.

    Searchers Scour B.C.'s Yoho National Park For Calgary Teen Likely Swept Over Waterfall

    Canberra's Sikh Taxi Drivers To Strike Over Uber

    Canberra's Sikh Taxi Drivers To Strike Over Uber
    The strike is set to last between 8 a.m. and 11 a.m. across the Australian Capital Territory 

    Canberra's Sikh Taxi Drivers To Strike Over Uber