Sanjeev Gupta Approaches Buyers for Potential Sale of Engineering Assets
- Move signals GFG may not be able to keep business intact
- Group is racing to find new cash after Greensill’s collapse
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Sanjeev Gupta’s GFG Alliance approached buyers for the potential sale of some engineering assets, people familiar with the matter said, signaling he may not be able to keep his embattled business empire intact.
Since the industrialist’s main financier Greensill Capital collapsed in March, Gupta has been in a race to find new sources of cash, though has insisted he’ll find new lenders to replace about $5 billion he’d borrowed from the supply chain finance firm.