On 8th November, Sunday The Times reported that British-based Indian had offloaded a hydro-electric power station in the Scottish Highlands amid concerns around coronavirus.
Sanjeev Gupta who has become one of Europe’s biggest steel-makers in the last five-years bought Kinlochleven from miner Rio Tinto — along with another hydro-electric power station and aluminium smelter in nearby Lochaber — in 2016 for £330m, with the promise that the Scottish industry will be revived. But according to the Times, Investor Equitix took over Kinlochleven power station last month from Simec subsidiary. Filings at Companies House illustrated that Kinlochleven’s parent company, KLL Holdings, is now controlled by Equitix, and Gupta’s father Parduman has resigned as a director. GFG said it had “signed a lease agreement for Kinlochleven with Equitix”, implying the fund has bought a long-term concession.
In a statement to The Times, it said, “Simec will remain the landlord of Kinlochleven and continue to operate and manage the asset. We anticipate no change in how Kinlochleven is run, including employment levels and the commitment to safety.”
