We want to have greater focus of our resources under very difficult circumstances: Bimlendu Jha, Tata Steel UK

In a chat with ET Now, Bimlendu Jha, CEO- Tata Steel UK talks about the letter of intent that the company has signed to sell it's UK speciality steel business. The deal is set to be pegged at an enterprise value of 100 million pounds. This is Tata Steel's move towards re-structing it's UK portfolio. Edited excerpts:

Et Now: What is your opinion about the deal?

Bimlendu Jha: This is not the end of the process, this is the beginning of the process and it is signing of the LOI which is only a letter of intent and hence we would be now waiting for all the due diligence under exclusivity arrangements and in M&A deals it is not done till it is done. See we have mentioned that we want to have a greater focus of our resources under very difficult circumstances both human and capital resources on the strip business and we do have this pan European strip business to focus on. It is an ongoing part of that strategy.