Sanjeev Gupta, a metal tycoon is working on a deal to salvage his remaining steel company in the U.K, a move that could cut over 1,500 jobs.
It has since been established that Gupta is in talks with Steel Speciality Steel UK (SSUK) to sell a majority of its assets incase they are forced to pay millions in taxes owed to creditors.
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Efforts are currently underway by Begbies Traynor, an accountancy firm to seal the deal as soon as possible.
The government is on high alert over the matter especially after the ruling set to be delivered on Wednesday.
If the matter is passed, SSUK will enter into a compulsory liquidation within days and appoint an official Receiver to handle the operations.
Currently, Gupta’s empire in U.K is in Sheffield and Rotherham in South Yorkshire where about 1,400 people are employed.
