Sanjeev Gupta’s industrial empire assured some of its creditors that it could raise up to three times as much debt, up to $US1 billion ($1.6 billion) through its best-performing asset, Australia’s InfraBuild, than it now proposes to.

InfraBuild, the former OneSteel and Smorgon Steel business with operations across the country, is the focus of scrutiny on Gupta’s GFG Alliance’s finances, which have been in turmoil since the demise of its main funder, Lex Greensill’s eponymous bank.