€2 million loans guaranteed by the State to Sanjeev Gupta’s Alvance wheels plant

On 25^th April 2021, Marc Fesneau, serving as Minister Delegate for Relations with Parliament and Citizen Participation, met the union representatives from Alvance Wheels (CFDT, CFE CGC, UNSA), in the process of judicial liquidation.

The State of France had undertaken to stand beside the employees of rattled businessman Sanjeev Gupta’s aluminium wheel plant in Diors for three months so that a solution can be worked out.

Minister Marc Fesneau delivered the details of the measures taken: “It is a loan guaranteed by the State so that the structure can operate until the period of the first observation which is in June. Therefore, approximately two million euros will be allocated by the State to ensure the cash flow. It is an emergency loan that makes it possible to preserve the essential, the life of the site, the activity and securing the jobs in this area over the observation period. "

The minister also committed to organizing a meeting with the Ministry of the Economy and Finance, the trade unions, the company and other partners to look at the question of the buyer. "The goal is to quickly find a buyer who will perpetuate the activity.”

"This is the last foundry that manufactures aluminium wheels in France, where the order books are insufficiently full. Therefore it is the responsibility of the principals, towards the major automobile operators, in particular to France. Let them honour this and what they had committed to in terms of orders in 2018 at the time of the takeover and that a medium-term perspective is given to the company so that it can invest in the business to find a fate”, concluded the minister.