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BNP’s Move to Cut GFG Risk Threatens Gupta Grip Over Smelter (1)

April 13, 2021, 4:08 PM

BNP Paribas SA is seeking to sell its stake in a loan to GFG Alliance’s Dunkirk unit, a sale that could loosen Sanjeev Gupta’s grip over a key asset as other lenders consider seizing control of the aluminum smelter.

The bank is offloading its $20 million portion of the loan raised by Gupta in 2018, according to people familiar with the matter who asked not to be identified discussing private information. Although a small amount, the sale could pave the way to actions by other lenders, led by Trafigura Group, to threaten Gupta’s control over the smelter.

The French...

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