One of the directors of Sanjeev Gupta’s global board says the group’s largest Australian business, Infrabuild, is not reliant on funding from collapsed Greensill Capital and “time will tell” if the rush to quickly refinance up to $6 billion for the global GFG steel and aluminium empire will be successful.

Ray Horsburgh, an Australia steel industry veteran who was appointed to a global Liberty Steel board by Mr Gupta in early 2020, said on Sunday the Infrabuild business in Australia, which has a workforce of 5000, is one of the jewels in the GFG stable and benefiting from a strong order book for structural steel.