The South Australian government has placed a steelworks project owned by Indian tycoon Sanjeev Gupta's GFG Alliance into administration due to the company's failure to pay royalties. The government cited the project's deteriorating financial position and concerns about its ability to continue operating. GFG Alliance has faced numerous challenges at the Whyalla steelworks since acquiring it in 2017, including unplanned shutdowns, payment issues to contractors, and a struggling profitability.
SYDNEY: A steelworks project owned by Indian tycoon Sanjeev Gupta has been ordered into administration by the South Australia government after his GFG Alliance failed to pay royalties.
GFG Alliance has struggled to turn a profit at the project since company chairman Gupta first acquired it from bankruptcy in 2017. The Whyalla steelworks encountered a number of unplanned shutdowns for maintenance last year. Local media have reported issues with payments to contractors. Malinauskas said he wasn’t at liberty to disclose the exact amount of royalties owed, but it was in the tens of millions of dollars. The premier added he was confident the project had a viable long-term future under a new owner.In recent years, a number of Gupta’s companies have been shuttering production, failing to pay suppliers and staff, and falling into insolvency.
GFG Alliance Steelworks Administration Royalties Sanjeev Gupta
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