UK would consider co-investing to secure sale of Tata steel assets | Reuters

LONDON British business minister Sajid Javid said on Monday the government would consider co-investing on commercial terms to secure the sale of Tata's UK steelmaking assets. Tata, one of the world's biggest steelmakers, said on March 30 it was putting its British assets up for sale, citing a global oversupply of steel, high costs, weak domestic demand and a volatile currency. 'I've been in contact with potential buyers, making clear that the government stands ready to help,' Javid told parliament.

Reuters April 11, 2016 23:15:13 IST
UK would consider co-investing to secure sale of Tata steel assets 
| Reuters

UK would consider coinvesting to secure sale of Tata steel assets 
 Reuters

LONDON British business minister Sajid Javid said on Monday the government would consider co-investing on commercial terms to secure the sale of Tata's UK steelmaking assets.

Tata, one of the world's biggest steelmakers, said on March 30 it was putting its British assets up for sale, citing a global oversupply of steel, high costs, weak domestic demand and a volatile currency.

"I've been in contact with potential buyers, making clear that the government stands ready to help," Javid told parliament. "This includes looking at the possibility of co-investing with a buyer on commercial terms."

He said the government had appointed Ernst and Young to act as their financial advisers on any deal.

(Reporting by William James; editing by Stephen Addison)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

also read

Market Roundup: Sensex ends 69 points higher, Nifty at 17,380; today's top gainers and losers
Business

Market Roundup: Sensex ends 69 points higher, Nifty at 17,380; today's top gainers and losers

The top gainers of BSE Sensex were IndusInd Bank, HCL Technologies, Kotak Bank, Bajaj Auto, and Tech Mahindra. While HDFC, Nestle India, Hindustan Unilever, and Tata Steel were the top losers

Modi 2.0: From foreign policy highlights to women's empowerment, how PM created milestones
Politics

Modi 2.0: From foreign policy highlights to women's empowerment, how PM created milestones

On the socio-political front, the historic step of abrogating Article 370, which came into effect in 1950, and Article 35A, which came into effect in 1954, figures high on the list of achievements

ISIS bride asks for UK's forgiveness, appeals to Boris Johnson to return home from Syria
World

ISIS bride asks for UK's forgiveness, appeals to Boris Johnson to return home from Syria

Shamima Begum was one of three east London schoolgirls who traveled to Syria in 2015. She has said she married an IS member from the Netherlands and had three children, all of whom have died