Tata may freeze auction of steelworks to assess the fallout of Brexit: Report

Zee Media Bureau

London: In order to assess the fallout of the Brexit vote, Tata Steel is set to freese auction of its steelworks in the UK.

However, 'The Sunday Times' reported that the move has been put on ice as it assesses the fallout of the Brexit vote.

"The Indian giant will 'pause' the sale amid uncertainty over the impact of the decision to leave the EU," the newspaper quoted sources as saying.

The board is yet to make a formal decision but is under less pressure to sell after a jump in steel prices, which has cut losses at the south Wales site, the report said.

The decision may come as a blow to bidders, including the Indian-origin businessman Sanjeev Gupta-led commodities trader Liberty House and management buyout firm Excalibur.

"The strategic review of our UK business continues. Like businesses across the UK, parties involved will be considering implications from the referendum. We remain committed to working towards the best possible outcome for our UK business," a Tata statement said.

(With PTI inputs)