GFG Alliance (long name Gupta Family Group Alliance), usually referred to as GFG, is an international group of businesses associated with businessman Sanjeev Gupta and the British Gupta family. As of, the companies in the group are Liberty Steel Group, Alvance Aluminium Group, and SIMEC, which develops and produces renewable energy.
History
In March 2021, GFG Alliance was struggling to secure new financing after the collapse of one of its lenders, Greensill Capital.[2] GFG was put under brief observation by the German financial regulator BaFin for their business with Greensill.[3]
On 31 March Credit Suisse began insolvency proceedings against Liberty Commodities Limited, a GFG subsidiary, at a London court. The action was brought by another bank, Citigroup