GFG reaches deal with Greensill over InfraBuild

GFG Alliance has reached confidential settlement terms with the administrators of collapsed supply chain finance group Greensill Capital over disputed security interests in Australian steelmaker InfraBuild, potentially ending a legal confrontation that threatened Sanjeev Gupta’s control of the business.

The agreement, confirmed on 9 November, comes ahead of proceedings in Australia concerning the rights of Greensill’s creditors over shares in InfraBuild, one of GFG’s most important remaining industrial assets.

A GFG spokesman confirmed that the company and Greensill’s joint administrators, Grant Thornton UK, had agreed terms to resolve the relevant disputes and claims, subject to final legal contracts.

The distinction is important. Although the parties have reached a commercial understanding, the settlement has not yet been confirmed as legally completed, and its financial terms have not been disclosed.

Sky News reported that Gupta is expected to retain control of InfraBuild, while the Australian Financial Review subsequently reported that GFG had reached an agreement that would allow him to continue controlling the steelmaker.

The development follows a prolonged dispute over financing provided before Greensill collapsed in March 2021.

Greensill specialised in supply chain finance arrangements designed to accelerate payments to suppliers and finance corporate working-capital requirements. Its failure left creditors, insurers and borrowers facing extensive litigation over the financing and security structures supporting those transactions.

In February 2025, GFG announced agreement on broader commercial settlement terms with Greensill creditors, also subject to final legal documentation. The latest development is distinct because it concerns the specific dispute over security attached to InfraBuild shares and the prospect of resolving the Australian proceedings.

It is also separate from the Greensill-linked trade credit insurance litigation involving Credit Suisse and Insurance Australia Group, which was previously reported.

For Greensill’s creditors, the outcome will depend on the binding settlement documents, including any recovery arrangements and the treatment of existing security rights.

For InfraBuild, removal of the legal uncertainty could support efforts to secure longer-term financing and maintain access to working capital.

Gupta has indicated that refinancing remains a priority for the Australian business.

The settlement therefore represents a potentially important step in resolving the consequences of Greensill’s collapse, although the amount creditors will recover and the final allocation of control remain dependent on completion of the agreement.