British Government Negotiate With Buyer For Tata Steel UK

Reports claim British government have opened talks with potential buyers for Tata Steel’s UK operations, including Sanjeev  Gupta’s commodities company  Liberty Group, as it stepped up its battle to find a buyer for the loss-making business.

Prime Minister David Cameron also met ministers to discuss the options for a business which employs 15,000 people.

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Britain’s business minister Sajid Javid met with Gupta in London to establish how firm his interest was in the business. He was later due to fly to Mumbai to meet Tata Chairman Cyrus Mistry to agree the process for a sale.

Steel tycoon Sanjeev Gupta arrives at the Department for Business, Innovation and Skills in London, Britain April 5, 2016. REUTERS/Stefan Wermuth
Steel tycoon Sanjeev Gupta arrives at the Department for Business, Innovation and Skills in London, Britain April 5, 2016. REUTERS/Stefan Wermuth

Gupta, who has bought other distressed steel assets in Britain, said the meeting was “positive” and the government was “highly supportive” and “actively engaged” in finding a long-term solution.

 

“The next step is for Tata to define the formal sales process and request indications of interest from potential buyers,” he said in a statement after the meeting.

 

The government has not said which other potential buyers it has met but Javid told Sky News “where the buyers are coming forward, we’re ready to work with them.”

 

Gupta’s Liberty Group is a metals company with assets in Asia, Africa and Britain, and production capacity in steel exceeding 3 million MT a year.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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