TPi May 2016

business & market news

Gupta family recruits Jay Hambro to board The Gupta family, which controls commodities, energy and industrial interests worldwide, has appointed Jay Hambro as a senior member of its group management team.

Mr Hambro’s primary role will focus on the worldwide development of SIMEC (shipping, industrials, mining, energy and commodities), which currently includes a power generating arm and a global portfolio of trading operations focused on the resources sector. One of his immediate roles will be to lead the completion of the purchase of the Tungsten Bank, which Gupta family interests recently entered into an agreement to acquire, as part of its broader strategy to invest in finance for the commodities industry. This is subject to the approval of the Prudential Regulation Authority. PK Gupta, chairman of the SIMEC Group, commented, “Jay has a proven successful track record in buying, building, operating and financing commodity businesses. He is well respected in the sector and I am delighted that he is joining our team.”

Mr Hambro, who has been executive chairman of commodities producer IRC since 2010, joins the Guptas’ group strategic board as group chief investment officer and chief executive officer of SIMEC energy and mining divisions, spearheading the global development plans of the business. The Gupta family, which owns the international commodity and industrial groups SIMEC and Liberty House, has been undertaking major investments, including the purchase of Uskmouth Power Station and reactivation of the Liberty Steel rolling mill, both in South Wales, and the acquisition of most of the former Caparo steel and engineering businesses in the UK’s West Midlands.

Jay Hambro

Mr Hambro said, “I am honoured to be joining this highly successful team. What the group has achieved in creating a dynamic and entrepreneurial business unit is to be commended. I began working with the team some months ago on another project and am well aware of their capabilities and expansion plans.”

SIMEC – UK info@simec.com www.simec.com

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May 2016 Tube Products International