Business
GFG teeters close to debt cliff edge – afr.com
A debt standstill agreement may buy some time for GFG Alliance, but two generations of billionaire Sanjeev Gupta’s family business are at risk.
Mr Guptas father, Parduman K. Gupta, who began a long climb to riches in 1955 by supplying fasteners to a bicycle factory in Ludhiana in India, is also named in the documents about the claim on shares by Greensill.
The documents refer to companies, partners or entities either directly or indirectly controlled or under common control of Sanjeev Gupta or Parduman K. Gupta. Parduman K. Gupta built up the SIMEC group of shipping, industrial, mining and energy businesses into a powerhouse over decades….
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