Tata Steel shortlists 7 for buying UK business

0

Mumbai: Tata Steel Europe on Monday said seven expressions of interest submitted for the company’s UK business have been taken forward to the next stage of the sale process.

In its press statement, the company said the remaining bidders who had expressed interest would not be taken to the next round. The remaining expression of interests were for partial assets, the company added in its statement.

The company did not disclose the total number of interests received.

“Tata Steel Europe’s primary intention to assess expressions of interest for the whole of Tata Steel’s UK business. The seven expressions of interest being immediately taken forward are on this basis, “Tata Steel Europe said in its statement.

On 30 March, Tata Steel decided to divest its UK assets in its bid to cut down further losses in its European business. Following this, its European steel subsidiary Tata Steel Europe started the sale process for its 100% stake in Tata Steel UK Ltd on 10 April.

Commodity tycoon Sanjeev Gupta’s Liberty House and Excalibur Steel UK Ltd were two bidders who had expressed interest in Tata Steel’s UK assets. It is not clear if the two bidders were part of the list of seven bidders shortlisted for the next round.

“The expressions of interest received have been through a robust initial assessment process with inputs received from the UK government whose views have been considered by the Board. We believe that the bids being taken forward offer future prospects of sustainability for the UK business as a whole. Whilst the sales process continues, Tata Steel’s business in the UK under the new leadership team continues to focus on the business performance, “ said Koushik Chatterjee, group executive director (fiinance and corporate) of Tata Steel.