Tata Steel Confirms 7 Interested Buyers For UK Assets

Mumbai: On Monday, Tata Steel announced it has received seven expressions of interest to acquire the firm’s UK ailing business.

All seven have been “immediately taken forward” to the next stage of the sale process, which involves inputs from the UK government, the firm said in a statement. 

Koushik Chatterjee, Group Executive Director (Finance and Corporate), Tata Steel Limited, said, “We are pleased with the response to the initial stage of the global sales process for Tata Steel’s UK business. Today's announcement by Tata Steel Europe marks another important stage gate in this process.
Tata Steel Europe said it is also clarifying outstanding points with a number of other parties who have submitted an expression of interest.  It said that the seven expressions of interest being take forward fit in with the company’s “primary intention” to ensure the sale of the whole of Tata Steel’s UK business.  “Expressions of interest for parts of the UK business are not being taken forward at this point,” the firm said.
In the next phase of the sales process the progressing interested parties will be given access to further business information and management team presentations in order for them to rapidly progress their interest to a binding stage. 

Last week, Prime Minister David Cameron said his government is “talking intensively” with Tata Steel and will work with it to create a shortlist of “serious” buyers of the Indian steel giant's loss making units in the UK.