Sajjan Jindal-controlled Indian private steel producer JSW Steel Ltd is among seven bidders shortlisted for Tata Steel Ltd’s UK assets.
Tata Steel Europe on Monday said it had taken forward seven expressions of interest it had received for its entire UK assets to the next stage of the sale process.
A person close to the development confirmed that JSW Steel is in the race for Tata Steel’s UK assets.
“JSW Steel has submitted its bids. The company is awaiting for the next level of discussion,” the person said, requesting anonymity.
The person said the company will enter into the next stage of the sales process after Tata Steel gives access to details of Tata Steel Europe before submitting a binding bid.
On 30 March, Tata Steel decided to sell its UK assets to pare losses in its European business. Subsequently, its European steel subsidiary Tata Steel Europe started the sale process.
Liberty House, led by commodity trading tycoon Sanjeev Gupta, is also among seven bidders for Tata Steel’s UK assets.
Another person close to the development said Tata Steel has shortlisted Liberty House’s bid.
Tata Steel Europe has not disclosed details of bidders.
Excalibur Steel UK Ltd had also expressed interest in Tata Steel’s UK assets. But it is not clear if Excalibur Steel was part of the list of seven shortlisted for the next round of the sale process.
In April, The Guardian reported that Tata Steel’s Port Talbot plant in Wales and the wider UK business were losing significantly more than £1 million a day.
Tata Steel’s combined capacity in the UK is close to seven million tonnes (mt) of the total 13 mt of steelmaking capacity the company holds across Europe.
The Indian steel maker acquired these assets as part of its buyout of Corus Group Plc for $12.9 billion in 2007, in what was then Tata group chairman Ratan Tata’s most ambitious acquisition.