Business

Tata Steel sues billionaire Sanjeev Gupta’s Liberty Steel over £100m deal

Tata Steel revealed Thursday that it has launched legal action against troubled UK rival Liberty Steel over the latter’s £100-million purchase of its UK speciality steel assets four years ago.

Indian-owned Tata Steel confirmed to AFP via email that it has begun legal proceedings over the 2017 transaction but declined to provide precise details.

“As this is now an active case we are not making any comment,” said a spokesperson for Tata Steel, the European steelmaking subsidiary of Indian conglomerate Tata.

The Daily Telegraph newspaper, citing sources close to the matter, reported that the case related to alleged missed payments.

Liberty Steel is meanwhile grappling with fallout from the collapse of its main financial backer Greensill, whose Australian parent group filed for liquidation on Thursday.

Greensill’s collapse threatens thousands of jobs, including at Liberty’s parent group GFG Alliance — the steel empire of Indian-British billionaire Sanjeev Gupta.

The British government warned last week that Liberty could shut some of its dozen UK plants following last month’s high-profile failure of Greensill, which provided short-term supply chain financing for businesses. © Agence France-Presse

0 0 votes
Article Rating
Subscribe
Notify of
guest

This site uses Akismet to reduce spam. Learn how your comment data is processed.

0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x