GFG Signs Deal with Glencore to Refinance Aluminium Unit
The Eastern Eye reported that Mr Sanjeev Gupta’s GFG Alliance has agreed a deal with commodities giant Glencore to refinance the debt on its aluminium unit. As per the deal, Glencore would provide a six-year loan to acquire most of the debt on GFG’s European aluminium smelters. The outline term of the deal is around USD 450million. In addition, commodity traders Glencore and Trafigura would supply raw materials to GFG’s aluminium business.
GFG’s European aluminium business under the Alvance group includes vast smelter in Dunkirk in France and an associated rolling mill in Duffel in Belgium.