The GFG Alliance is owned by commodities tycoon Sanjeev Gupta. He said that it will seek to unwind a transfer of ownership that American Industrial Partners announced. This announcement is made last week of a GFG aluminium smelter in France. GFG gave a statement that said it would launch legal action against private equity firm AIP. That said, it took control of the smelter in Dunkirk. Dunkirk is the Europe’s largest primary aluminium producer. This is after a default on debt by a unit of GFG.
GFG stated that given the GFG’s efforts to repay, repurchase or refinance the debt, AIP’s stated position that GFG is in default is incorrect. GFG will take all necessary legal measures. And that is to unwind AIP’s actions. GFG did not give details of any specific legal action. AIP said that the transfer of ownership had been approved by French authorities and France’s economy. The industry ministers said that they welcomed the prospect of stable ownership. The operation in Dunkirk produced 284,000 tonnes of aluminium. 550 people in 2018 were approved. The recent data was not available.
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