How did India narrowly avoid a potentially costly encounter with Sanjeev Gupta, the steel tycoon whose business empire expanded across Britain, Australia and other markets?
In this episode, Sucheta Dalal examines Gupta’s India foray in 2018, when his Liberty House group announced plans to invest $10 billion and bid for several distressed Indian companies under the Insolvency and Bankruptcy Code (IBC).
The promises were grand. The payments, however, were another story.
Gupta’s bids for companies including ABG Shipyard, Amtek Auto, Adhunik Metaliks and Bhushan Power & Steel raised serious questions about his ability—and willingness—to complete acquisitions. In the case of ABG Shipyard, his failure to make the required upfront payment contributed to the company’s liquidation, leaving banks with a fraction of what was owed.
Sucheta Dalal also explores the wider allegations and revelations surrounding Gupta’s global empire, including its relationship with Greensill Capital, aggressive supply-chain financing, political connections, and the eventual collapse of several businesses.
Drawing on investigative journalist Paul Barry’s 2026 book The Big Steal: How Steel Tycoon Sanjeev Gupta Fooled Australia and the World, the episode asks a larger question: Why did banks, regulators, politicians and the media repeatedly accept promises of investment and jobs without adequately scrutinising the money behind them?
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