Gupta pledges £1bn Scottish investment

Sanjeev Gupta’s GFG Alliance expects to double its investment in Scotland’s metals and green energy sectors to more than £1 billion in the “medium term”.

The industrial magnate also forecast yesterday that Scotland would become “an international champion” for a new era of environmentally clean industry at a meeting with First Minister Nicola Sturgeon.

Gupta has already invested about £500 million in Scotland, having rescued the country’s last steel mill in Lanarkshire and secured the future of the UK’S last aluminium smelter at Fort William.

At the meeting he pledged to continue “investing vigorously” in both Scottish renewable energy and its industrial capacity.

GFG recently agreed deals to acquire Green Highland Renewables, owner of 15 Scottish hydropower installations, and a 49.9 per cent stake in Atlantis Resources, the UK’S leading tidal stream developer.

Gupta said he believed Scotland would be a “global standard bearer for a new era of lowcarbon industrial production, creating thousands of jobs.

“So far, we have committed over £500m to pursue this ambition and, under our current and medium-term plans, we would expect to see that figure rise to over £1bn.”

The First Minister welcomed the “significant commitment made by the GFG Alliance to invest in industry in Scotland.

“Sanjeev Gupta has recognised Scotland is a good place to do business, particularly in relation to the talent and skills base we have here.” 0 Sanjeev Gupta, the entrepreneur behind GFG