Sanjeev Gupta fights over mortgage claim to save £3bn steel business

In recent weeks, Sanjeev Gupta, a troubled steel tycoon, has become embroiled in a significant legal battle with the administrators of Greensill Capital. This struggle for control revolves around InfraBuild, a multibillion-pound steel manufacturer and distributor located in Australia. Gupta's position is precarious, as his dispute focuses on the validity of a mortgage that Grant Thornton holds, which is overseeing the bankruptcy proceedings of Greensill Capital, a UK lender that collapsed several years ago. The outcome of this battle could have broader implications on Gupta's massive metals empire. The stakes are high as InfraBuild, with a valuation of A$6 billion (approximately £3 billion), is seen as a crucial component of Gupta's business revival plans. If Gupta manages to win the dispute over the mortgage, he could either sell InfraBuild to raise funds to satisfy creditors or leverage it as collateral for new financing. The future of his business and its employees hangs in the balance as the fate of InfraBuild is being determined in the courts. Gupta's financial troubles are not new; they date back to the downfall of Greensill Capital, which significantly impacted his operations and the overall stability of his business ventures. The scrutiny surrounding this financial situation has made Gupta a focal figure in discussions about corporate governance and financial ethics within the steel and mining industries. There are concerns about how this case might reflect on the broader market and the measures in place to hold business leaders accountable. As the legal proceedings unfold, observers are keen to understand not only the resolution of this specific case but also the potential ripples it may send across related industries. Gupta's ability to resolve this clash effectively could either pave the way for a revival of his metals business or lead to further complications in an already precarious financial landscape.