The Gupta family is an Indian-born South African business family whose most notable members are the brothers Ajay, Atul, Rajesh “Tony” Gupta as well as Atul Gupta’s nephew Varun Gupta.
In 2016 Atul Gupta became the 7th wealthiest person in South Africa with an estimated net worth of R10.7 billion (US$773.47 million), based on JSE-listed holdings.
The Gupta family owns a business empire spanning computer equipment, media and mining.
There are many controversies pertaining to their close relationship with South African president Jacob Zuma.
The family migrated from the Indian state of Uttar Pradesh to South Africa in 1993, shortly before the country’s first democratic elections, to establish Sahara Computers.
The family is based at the Sahara Estate in Saxonwold, Johannesburg, a compound comprising at least four mansions and Dubai, United Arab Emirates.
The Gupta family’s holding company Oakbay Investments announced on Wednesday that it reached an agreement to sell its Tegeta Exploration and Resources business.
Tegeta which comprises three coal mines, was sold to the Swiss-based Charles King SA for R2.97-billion.
It comes just after the company announced the sale of its media companies, television news channel ANN7 and The New Age newspaper to businessman, Mzwanele Manyi this week.
In a statement, Oakbay said the Tegeta sale is to save the jobs of employees.