South Africa's Guptas Hold Minority Stake in Denel Asia Partnerby
Denel announced establishment of joint venture with VR Laser
Gupta family has interests in media, mining and technology
South Africa’s Gupta family, which is in business with one of President Jacob Zuma’s sons, has an minority interest in a joint-venture partnership that the state-owned defense-manufacturing company Denel SOC Ltd. has in Asia.
“The family investment vehicles have a minority shareholding in VR Laser
South Africa,” Gary Naidoo, a spokesman for the Gupta family, said in an e-mailed response to questions on Saturday. “The South African entity has entered a strategic alliance with Denel Asia in which it will handle some of the manufacturing for some of the business generated by the new entity, based on Denel’s evaluation on whether to outsource or handle the manufacturing themselves.”
Denel announced the establishment of Denel Asia in partnership with VR Laser in a statement last week.
The Gupta family has interests in media, mining and technology companies.
The opposition Democratic Alliance said this week that Glencore Plc was “forced” by Mines Minister Mosebenzi Zwane to sell its Optimum coal operation to the family’s Tegeta Exploration & Resources (Pty) Ltd. In response to the criticism, Glencore on Feb. 3 referred to a Jan. 31 statement in which it said it was “pleased with the terms of the transaction.”