Indian-origin tycoon to rescue UK's last aluminium smelter

Wednesday 04th January 2017 08:07 EST

Indian-origin metal tycoon Sanjeev Gupta will invest a whopping amount of 120 million pounds in Britain's last aluminium smelter as part of a deal to save the site and safeguard hundreds of jobs. Liberty House and Gupta's father's related business, Simec, will pay over 330 million pounds to acquire the plant at Lochaber, and two hydro-electric plants that power it.

He said the group is committed to invest a further 120 million pounds, creating up to 600 jobs in the coming years. Scotland's First Minister Nicola Strugeon, during a visit to the site said, "Today is the start of an exciting new chapter in Scotland's manufacturing story and the Scottish government and its agencies will keep working with Sanjeev Gupta and the GFG Alliance to help them realise their enterprising vision for Lochaber."

Gupta, in his late 40s, said, "We hope this day will come to be recognised as the start of a bright new future for Highland industry. It puts Lochaber right at the heart of our vision for sustainable and integrated local production that can revitalised British manufacturing." His plans include creating an aluminium wheel manufacturing facility with 300 jobs directly and another 300 in the supply chain.

Liberty also announced that it aims to protect the existing 170 jobs at Lochaber and expand metal manufacturing and downstream engineering in the region.

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