Crisis at Gupta’s metals empire triggers halt to £10m state-funded tech trial
- Trials of software to improve efficiency were to take place at two of his plants
- However, Gupta’s Liberty Steel last week put seven UK plants up for sale
A state-funded steel technology trial costing £10million has been suspended amid fears over Sanjeev Gupta’s embattled metals empire.
Trials of software to improve efficiency were to take place at two of Gupta’s plants, but they are being put on hold, The Mail on Sunday understands.
The scheme first tested so-called imaging tech at a mock-up plant at the Materials Processing Institute in Middlesbrough. The next phase would have involved Gupta’s plants in Hartlepool and Stocksbridge near Sheffield.
The tech trial would have taken place at Gupta’s plants in Hartlepool and Stocksbridge
However, Gupta’s Liberty Steel last week put seven UK plants up for sale.
Gupta is racing to refinance his conglomerate GFG Alliance after the collapse of Greensill Capital. GFG also faces a fraud probe.
Through Government agency Innovate UK, five partners on the programme were awarded a combined £3.9million in grant funding. Innovate UK and GFG declined to comment.