Sanjeev Gupta is fighting to save his sprawling empire after Greensill Capital, its biggest lender, collapsed into administration.
While the markets for GFG Alliance’s steel mills and aluminum smelters are buoyant, a court filing revealed on Monday that Gupta’s group had told Greensill in February that it would be insolvent without its funding.
That casts a shadow over operations that employ about 35,000 people across 30 different nations. Some of those assets may be snapped up, but for others Gupta —dubbed the “savior of steel” — was the only bidder last time they were offered for sale. These are the most important assets and their significance for both local economies and international markets.