24-06-2025
Australia begins formal sale process for Gupta's Whyalla Steelworks
'Selected prospective buyers have been granted access to a secure data room, enabling initial due diligence and allowing parties to prepare non-binding indicative offers,' said federal industry minister Tim Ayres.
'A range of prospective buyers have expressed interest in acquiring and transforming the integrated operations.'
The independent sale process will be led by administrator KordaMentha and sale advisers 333 Capital, Ayres said.
Gupta's family conglomerate, GFG Alliance, did not immediately respond to a request seeking comment. In March, GFG said it remained the largest creditor in Whyalla Steelworks at A$536m (R6.1bn).
The privately held conglomerate has been refinancing its global businesses in steel, aluminium and energy since its backer, supply chain finance firm Greensill, filed for insolvency in March 2021. Another subsidiary, Liberty Steel East Europe, was put into administration late last year.
