London Daily

Focus on the big picture.
Tuesday, Jul 22, 2025

Steel tycoon Gupta embroiled in dispute over Aartee administration

Steel tycoon Gupta embroiled in dispute over Aartee administration

Sanjeev Gupta's GFG Alliance has acquired the indirect shareholder of two steel companies which called in administrators this month amid a battle to wrestle control of them.
The steel tycoon Sanjeev Gupta has sparked a row over the administration of one of his biggest British customers after launching an attempt to take control of it.

Sky News has learnt that Mr Gupta's GFG Alliance has acquired control of a Singapore-based company called Aartee Group Pte Limited which is an indirect shareholder in two UK steel companies which collapsed into insolvency last week.

Sources said that GFG was expected to issue a statement later on Friday to confirm the purchase, and to say that it has filed a legal challenge to try to overturn the administration of Aartee Bright Bar Ltd and Aartee Bright Bar Property Ltd.

Alvarez & Marsal was appointed administrator to the two companies after Aartee's main creditor, FGI Worldwide, decided to pursue an insolvency of the businesses.

Aartee buys steel bars used in sectors such as construction and employs about 250 people in the West Midlands, Rugby, Bolton, Southampton and Newport.

The two companies remain in administration and A&M is said to be in active discussions with a significant number of interested parties about buying them and their assets.

GFG, which owns Mr Gupta's Liberty Steel empire, is expected to say that it has provided funding to cover Aartee Bright Bar's wages for four weeks to prevent job losses during the administration process.

It was unclear on Friday, however, whether that funding would be acceptable to A&M or whether any imminent redundancies were under consideration.

Mr Gupta is reported to have close ties to Ravi Trehan, Aartee's founder, while Greensill Capital, the controversial supply chain finance group which itself collapsed in 2021, is said to have financed a number of trades between the two.

In a statement issued at the time of its appointment, Michael Magnay, joint administrator at A&M, said: "Like many businesses in its sector, Aartree Bright Bar has been facing significant headwinds as a result of the challenging economic environment and fluctuating steel prices.

"Against this backdrop, administrators have been appointed and we are exploring the options available to preserve value."

Aartee Bright Bar's insolvency comes amid talks between the government and Liberty Steel's two larger competitors - Tata Steel and British Steel - about £600m of taxpayer funding to aid their transition to greener electric arc furnaces.

The funding for British Steel has been thrown into doubt by its Chinese owner's plan to axe about 800 jobs, mainly at its Scunthorpe plant.

Mr Gupta has also announced proposals to cut hundreds of jobs across his UK operations.

GFG and A&M have both been contacted for comment.
Newsletter

Related Articles

0:00
0:00
Close
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
×