Tata Steel says yet to shortlist bidder for UK plant

Zee Media Bureau

New Delhi: Tata Steel on Wednesday said the company has not shortlisted any bidder for its Tata Steek UK assets.

Tata Steel's Chief Financial Officer Koushik Chatterjee informed that the company haven't shortlisted any bidder for its UK plant.

We haven't shortlisted any bidder for Tata Steel UK assets: Tata Steel CFO Koushik Chatterjee.

— Press Trust of India (@PTI_News) May 25, 2016

Earlier this month, Tata Steel Europne announced that it had received seven expressions of interest to acquire the firm's UK ailing business.

The Tata Group, which had set a deadline of noon on Monday for final bids for its British steel operations, was expected to finalise and shortlist the bidders at its board meeting Wednesday.

"We are in talks with the British government," Mukherjee added.

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

Indian-origin businessman Sanjeev Gupta's Liberty House and a Excalibur Steel UK Limited, a management buyout (MBO) team of former Tata Steel staff who have the backing of the Welsh government, are among the frontrunners to acquire the Indian steel giant's UK assets.

Tata had announced plans in March to sell its loss-making units in UK as a result of a global slump in steel prices due to a glut of exports from China and high energy costs.

Around 11,000 jobs at Port Talbot in Wales and 11 other UK sites hang in the balance.

Besides, Liberty House and Excalibur, family investment fund Greybull Capital, India's second-biggest steel maker JSW Steel, China's Hebei Iron and Steel group, US steel giant Nucor and Leeds-based turnaround fund Endless are among those interested to save the works.

Greybull, which is buying Tata's Scunthorpe steelworks for a token 1 pound, is believed to be keen on a deal for Port Talbot.