Tata Steel reaches out to 190 potential financial and industrial investors for the sale of its UK business

MUMBAI: Tata Steel reached out to 190 potential financial and industrial investors for the sale of its UK business, the company said in a regulatory filing on BSE on Monday.

Tata Steel started the sale process of entire UK operations last Monday, giving up on efforts to turn around the business it bought as part of the takeover of Corus at the height of the commodity boom in 2007. The company has suffered almost a decade of losses amid poor demand and cheap Chinese imports.


Tata Steel has already sold its long products business to Greybull Capital last week for 1 pound, a move which will reduce its daily cash burn but not debt on the books.

The company added that it has named investment bank Standard Chartered bank as additional adviser to the sale process to ensure the coverage and reach of the universe of potential buyers, especially Asia and Far-East.

Tata Steel appointed Bimlendra Jha as the CEO of its on-sale UK operations. Jha is the executive chairman of the company's long products business, and will continue to hold the position until the sale to Greybull Capital is complete.

Jha will report to Tata Steel Europe CEO Hans Fischer.