Sanjeev Gupta’s Australian steel business, InfraBuild, made a cash payment of almost $29 million to the British industrialist’s Liberty Holdings Australia entity in the September quarter, even as its losses worsened.
The transactions are outlined in a presentation circulated by the company to bondholders. The documents show InfraBuild, once part of the steel empires run by BHP and the Smorgon family, slumping to a $35.5 million loss for the three months ended September 30.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
