Mr Patel said InfraBuild had maintained its strong financial performance through the first nine months of 2022-23.
InfraBuild is aiming to buy three businesses in the US currently owned by Mr Gupta’s GFG Alliance. Those include Keystone Consolidated Industries, which runs an electric arc furnace, rolling mill and wire mill in Peoria, and mesh manufacturing sites in Ohio and Mexico.
The company also aims to buy Johnstown Wire Technologies which runs plants in Pennsylvania and Ohio, while the third potential acquisition is the Georgetown steelworks in South Carolina.
InfraBuild’s revenues in 2021-22 rose by 32 per cent to $6 billion and earnings before interest, tax, depreciation and amortisation increased by 92 per cent on strong demand from the construction and infrastructure industries.
Its latest publicly released profit numbers were announced on November 17, when it said EBITDA in the three months ended September 30 was up 24 per cent to $197 million.
Volumes have started to slow in the past few weeks in line with a softening housing construction market, but profit margins have risen compared with a year ago, with price rises on products clawing back input costs.
Jefferies acted as sole arranger on the asset-backed term loan. BlackRock is the biggest asset manager in the world, while Silver Point is a credit investor based in Connecticut.
Mr Patel returned to the top job at InfraBuild on October 8 after the departure of Vik Bansal, who has become the CEO of Boral, where the billionaire Stokes family holds 72.6 per cent. Mr Bansal ran InfraBuild for 15 months. Mr Patel departed the first time around in mid-2021.
Mr Gupta bought the InfraBuild assets and the Whyalla steelworks in South Australia for about $700 million in mid-2017 after they went into administration for 16 months. They had previously operated under the Arrium name.