Ownership of the Simec Group will be transferred to his son from Parduman Gupta as he retires near the age of 80, according to a GFG spokesperson.
Earlier this year, the UK Serious Fraud Office launched an investigation into the relationship between Sanjeev Gupta's GFG Alliance and Lex Greensill's Greensill Capital, which filed for insolvency in March.
JSW's interest, which extends to plants including Gupta's Adhunik steel mill in eastern India, could mark yet another chapter for Britain's steel industry, which has been privatised and sold to overseas buyers as its pre-eminence slid in lock-step with the country's manufacturing might.
Gupta is under probe for alleged involvement in financing arrangements with failed company Greensill Capital UK.
The German financial regulator has filed a criminal complaint against Bremen-based Greensill Bank.
The deal between Novelis, the Hindalco Industries unit, and Alvance, Liberty's arm, has gone into arbitration
One of the main tasks of the India-born British businessman will be to convince the German company’s local workers, who prefer government intervention. Gupta says his Group will never let people go as they re-skill and re-employ them. Germany’s own Salzgitter and Sweden’s SSAB are also in the race. Thyssenkrupp is expected to choose up to two bidders by the end of November.
There are striking resemblances in the ambition that Gupta, owner of Liberty Steel Group. But there is also a significant difference
Tata Steel is struggling to run Port Talbot, a facility that Gupta nearly acquired more than three years ago.
The deal, which also includes Zion Steel, is valued at Rs 425 crore.
Under the terms of the deal, GFG Alliance company Liberty Steel USA will acquire KCI, including all its subsidiaries, for USD 320 million in cash, less certain assumed liabilities.
To invest $1 billion in the next one year in acquisition of more assets.
After successfully turning around and acquiring businesses in the UK and Australia, the billionaire entrepreneur is back in his home country
If its bid is successful, Liberty House will invest USD 10 billion in India over five years
Tata Steel speciality business would immediately give an outlet to recycle domestic scrap, said Sanjeev Gupta, Executive Chairman, Liberty House Group.
The firm is one of a number of companies that have put forward offers to buy Tata Steel's loss-making UK operations and save thousands of jobs in Britain, whose steel industry has been hit by cheap Chinese imports, high energy costs and a global supply glut.
British Indian magnate Sanjeev Gupta's Liberty House Group unveiled plans for a new steel super-plant powered by renewable energy in the UK
An Excalibur delegation, including chief executive Wilkie and chairman Roger Maggs, held talks with Gupta on Friday at his London office, The Sunday Times reported.
Indian-origin businessman Sanjeev Gupta's Liberty House on May 16 announced that it would be restarting from next month steelworks in south Wales which it had acquired from NRI industrialist Lord Swraj Paul's Caparo Group last year.
Liberty House's CEO Sanjeev Gupta told CNBC on Friday that he's committed to sustaining all current jobs if the bid for Tata Steel UK is successful and will concentrate on re-training existing steel workers.
The company described this as an "indicative bid for the entire issued share capital of Tata Steel UK," central to which is the Port Talbot steelworks in south Wales the UK's largest and employs around 4,000 workers.
Indian-origin businessman Sanjeev Gupta's Liberty House group will today submit its letter of intent to acquire Tata Steel's loss making units in the UK.
Liberty House's aim would be to focus on using domestically available raw materials to make products which are more green and more sustainable, says its Executive Chairman Sanjeev Gupta.
The commodities trading firm, which emerged as an early front-runner for Wales-based Port Talbot steelworks, had said last week that its team was evaluating the bid.