Close X
Sunday, November 10, 2024
ADVT 
International

Meet Sanjiv Gupta, Man Seen As Potential Buyer Of Tata Steel UK

IANS, 06 Apr, 2016 12:58 PM
    He has emerged as the man to watch out for when Tata Steel initiates the formal process to sell its UK assets. Meet Sanjiv Kumar Gupta, founder of the UK-based Liberty House.
     
    Gupta is the key man British Business Secretary Sajid Javid met in London on Tuesday, just before flying to Mumbai for a meeting with Tata Group chairman Cyrus Mistry. Gupta, in fact, has already indicated his intention to stop widespread job losses in Tata Steel UK.
     
    “I am pleased to report we had a positive meeting today. UK government appears highly supportive and is proactively engaged in finding a long-term solution," Gupta is quoted as saying after his meeting with Javid.
     
    “The next step is for Tata (Group) to define the formal sales process and request indications of interest from potential buyers. We await further details on this and then will assess our own next step.”
     
    For the record, Liberty Group has revenues approaching $5 billion, covering steel, raw materials and non-ferrous metals, while employing more than 2,000 people globally. It also produces about 5 million tonnes per annum of steel and steel products.
     
    Gupta is also not new to takeovers.
     
    Ten days ago, Tata Steel UK announced it has reached an accord to sell its Clydebridge and Dalzell steel facilities in Scotland. The deal involved the sale of the two plants to the Government of Scotland, which was to, in turn, sell them on to Liberty House.
     
    Prior to that, Gupta's group had acquired a 1.5 million tonnes per annum steel plant in Wales that was set up as an integrated producer of steel based on electric arc furnace route with downstream hot rolling mill.
     
     
     
    This complex was shut for over two years, before Liberty's takeover. Now the mill's operations have commenced and plans are on the anvil to eventually revamp the steel melting shop and grow the rated capacities of the mill -- a testimony to Gupta's turnaround skills.
     
    Liberty's other investments include medium-sized mills and service centres in markets such as India and Ghana to strategic stakes in large producers, like a 2.5 million tonne per annum mill for steel and value added products.
     
    As per the group's website, it operates from four financial hubs in London, Dubai, Singapore and Hong Kong with a network of offices spread across 30 countries around the world.
     
    And "SKG", as Gupta is called by his peers, comes from a successful business family of Punjab. The 44-year-old left for Britain when he was 12 years old as a resident student at St. Edmunds College, Canterbury, in Kent. 
     
    He graduated from the Cambridge in 1995 and was subsequently awarded his Master's from Trinity College. Since then, he has been trading in Asia, the Middle East, Europe and Africa.
     
     
     
    "From 2000 onward, SKG’s focus has been on growing the trade in steel, metals and raw materials while developing the industrial asset base of the group," the Liberty website said.

    MORE International ARTICLES

    Reluctantly, Obama Embracing His Role As The Anti-Trump

    WASHINGTON — He won't be on November's ballot, but President Barack Obama is slowly embracing his role as the anti-Trump, taking on the Republican front-runner in ways that no other Democrat can.

    Reluctantly, Obama Embracing His Role As The Anti-Trump

    Rare Blue Diamond Sets New Record At Sotheby's Auction

    Rare Blue Diamond Sets New Record At Sotheby's Auction
    A rare blue diamond bucked the recent downturn in the auction market when it was sold for $30.8 million at Sotheby's, setting a new record.

    Rare Blue Diamond Sets New Record At Sotheby's Auction

    9-Year-Old Reporter Defends Homicide Coverage After Backlash

    9-Year-Old Reporter Defends Homicide Coverage After Backlash
    A 9-year-old reporter who wrote about a suspected murder in her small Pennsylvania town is defending herself after some locals lashed out about a young girl covering violent crimes.

    9-Year-Old Reporter Defends Homicide Coverage After Backlash

    Whistler Blackcomb's $345-million Plan Includes Indoor Water Play Area, Townhomes

    Whistler Blackcomb's $345-million Plan Includes Indoor Water Play Area, Townhomes
    WHISTLER, B.C. — The Whistler Blackcomb mountain resort is planning a renaissance over the next few years that would include real estate developments in the later phases and a price tag of about $345 million.

    Whistler Blackcomb's $345-million Plan Includes Indoor Water Play Area, Townhomes

    Panama Papers Leaks Show Change Doesn't Happen By Itself, Says Edward Snowden

    Panama Papers Leaks Show Change Doesn't Happen By Itself, Says Edward Snowden
    The former U.S. intelligence contractor said Tuesday that the so-called Panama Papers, which were given to journalists by an anonymous source, demonstrate that "change doesn't happen by itself."

    Panama Papers Leaks Show Change Doesn't Happen By Itself, Says Edward Snowden

    Allergan, Pfizer Call Off Proposed $160b Merger

    Allergan, Pfizer Call Off Proposed $160b Merger
    The biggest U.S.-based drugmaker, Pfizer Inc., will stay put thanks to aggressive new Treasury Department rules that succeeded in blocking Pfizer from acquiring rival Allergan and moving to Ireland — on paper — to reduce its tax bill.

    Allergan, Pfizer Call Off Proposed $160b Merger

    PrevNext