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British ministers reject Sanjeev Gupta’s $234 million bailout plea: Report

GFG, a holding firm for Gupta’s belongings, was the most important recipient of financing from Greensill, a British financing firm, which filed for insolvency earlier in March.

Reuters | | Posted by Kunal Gaurav

PUBLISHED ON MAR 28, 2021 06:30 PM IST

British ministers have rejected a request from mining magnate Sanjeev Gupta for a 170 million pound ($234.36 million) emergency mortgage to forestall his group, GFG Alliance, from collapsing, the Monetary Instances reported on Sunday.

GFG, a holding firm for Gupta’s belongings, was the most important recipient of financing from Greensill, a British financing firm, which filed for insolvency earlier in March.

The British authorities wrote again to Gupta formally rejecting the request final week on account of a number of considerations, the FT reported, citing folks aware of the scenario.

A GFG spokesman declined to remark.

A authorities spokesman didn’t remark particularly on the rejection of GFG’s mortgage request talked about within the FT report, however stated the federal government was “carefully monitoring” developments associated to Gupta’s Liberty Metal.

Gupta stated earlier this month that the conglomerate had been in talks with directors of its former monetary backer Greensill on a so-called standstill settlement.

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