The Gupta family, whose interests include the Liberty House steel and industrial group, has entered into an agreement to acquire Tungsten Bank and, subject to approval by the Prudential Regulation Authority (PRA), will take control of this institution as part of its broader strategy to invest in UK industry.
Sanjeev Gupta; Global MD of Liberty House, explained that creating an independent centre of finance in the sector will allow the group to diversify their business interests. Additionally, he said, the Group stands to benefit from the synergies this creates with their existing steel and industrial interests in the UK, which span trading, manufacturing and supply chain management.
He added: “Despite current challenges, we believe in the future of UK industry and, having a strong independent financial services arm within our broader group will help us to deliver our strategy to build our interests in British steel and other industrial sectors.
“Finance is an essential lubricant in maintaining the health of industry and, lack of ready access to finance at critical times, is part of the problem the UK steel and related industries face. We strongly believe that a challenger bank in the UK focused on understanding and serving the needs of UK industry will be a winning proposition. In effect, we’d like to see this institution become the bank that champions steel in Britain.”
During the current year, Gupta family interests restarted a 1m mt steel rolling mill (Liberty Steel Newport) and a 393 MW power plant (SIMEC Uskmouth Power) in Newport, Wales; and recently purchased steel and engineering businesses within the Caparo Group including Tubular Solutions, Advanced Engineering and Precision Strip, in the Midlands.
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Note to Editors
Liberty House Group (“Liberty”) is an international steel and non-ferrous metals group, operating from its four hubs in the UK, Dubai, Singapore and Hong Kong, with a global network of offices spread across 30 countries.
With the recent re activation of the Liberty Steel facility in Newport, South Wales, the Group’s global steel production capacity now exceeds 4 million tonnes per annum. Current Group turnover is approximately $6 billion. Drawing strength from the Group’s assets and network, Liberty Commodities acts as the central trade and supply chain services provider. Using international networks developed over a quarter of a century, this division offers innovative trade and financing solutions to its clients.
The Gupta family also owns the international commodities trading group SIMEC, including the power generating arm, SIMEC Uskmouth Power (SUP), located next to its steel plant in South Wales.