IGI Logo

LONDON - GFG Alliance, owned by commodities tycoon Sanjeev Gupta, has appointed Sandip Biswas, a former executive with Tata Steel, as chief investment officer, the company said on Thursday.

Gupta's family conglomerate, GFG, made the appointment as it continues to arrange financing to rescue his businesses in steel, aluminium and energy after supply-chain finance firm Greensill filed for insolvency in March last year.

Biswas worked for Tata Steel for 17 years and was appointed in 2019 to head the transformation programme of Tata's European unit. He most recently served as chairman of Tata Steel UK, a statement said.

At GFG, Biswas will lead the group's efforts to become carbon-neutral by 2030, it added.

Earlier this month, Britain's tax authorities withdrew petitions to wind up four GFG steel businesses following positive discussions while talks with other creditors continued.

Thursday's statement did not provide an update on discussions with creditors or financing efforts.

The Gupta Family Group Alliance has been under a cloud after Britain launched an investigation into suspected fraud and money laundering in mid-May.

GFG has previously said it would cooperate fully and would not comment further.

(Reporting by Eric Onstad in London; Editing by Matthew Lewis)