GFG Alliance Buys Aartee Group in Bid for UK Steel Assets (1)

Sanjeev Gupta’s GFG Alliance has bought Aartee Group Pte Ltd., the parent of two UK steel firms that recently fell into insolvency.

GFG has filed a challenge to the administration of Aartee Bright Bar Ltd. and Aartee Bright Bar Property Ltd., the group said in a statement. It aims to integrate the firms, which produce and distribute steel bars, into Gupta’s group of companies.

Aartee’s units, which were customers of GFG, went into administration earlier this month after its creditors demanded repayment. The insolvency is being managed by Alvarez & Marsal Inc., who Gupta hired as an adviser following the ...