Skip to content
Subscriber Only

Gupta Agrees Refinancing Deal With Glencore on Aluminum Unit

  • GFG Alliance agrees accord with Glencore and Trafigura
  • Deal is a major step in Gupta’s battle to refinance empire
Updated on

Embattled tycoon Sanjeev Gupta’s GFG Alliance has agreed a deal with Glencore Plc to refinance the group’s aluminum unit.

Glencore will provide a loan to acquire most of the outstanding debt of the Dunkirk smelter and the Duffel factory, repayable over six years, according to an internal GFG memo seen by Bloomberg. The trading house will also assist with hedging and marketing aluminum products from the unit, and Glencore, together with Trafigura Group, will supply the raw material requirements of the two plants.