UK govt willing to acquire 25% stake in Tata Steel plants

The UK government today announced it is willing to acquire 25 per cent stake in Tata Steel's UK operations to help potential buyers eyeing ownership of the Indian steel giant's loss-making plants.

PTI April 21, 2016 19:43:38 IST
UK govt willing to acquire 25% stake in Tata Steel plants

London: The UK government today announced it is willing to acquire 25 per cent stake in Tata Steel's UK
operations to help potential buyers eyeing ownership of the Indian steel giant's loss-making plants.

UK govt willing to acquire 25 stake in Tata Steel plants

Representational image. Reuters

The money "worth hundreds of millions of pounds" is being put up jointly by the UK and Welsh governments and will be made available to potential buyers as part of a support package for the crisis-hit steel industry, according to the business department here.

Business Secretary Sajid Javid had earlier said any money would be offered on commercial terms, quashing talks of nationalising the industry.

At least two potential buyers have shown interest in buying the business.

One option is a management buyout backed by the chief of Tata's Port Talbot factory, the UK's largest steel operation, the BBC reported.

Steel company Liberty House, owned by Indian-origin Sanjeev Gupta, has also said it was interested in buying parts of the business.

Updated Date:

also read

Confusion reigns over UK's travel advisory nod to Covishield even as India absent on eligibility list
World

Confusion reigns over UK's travel advisory nod to Covishield even as India absent on eligibility list

The UK's Department of Health and Social Care (DHSC) have said on Wednesday that they are unable to confirm this and will require further clarifications

COVID-19 vaccine certificate controversy: Britain can antagonise India at its own peril
India

COVID-19 vaccine certificate controversy: Britain can antagonise India at its own peril

India needs to be an equal partner on a host of other responses – not the least among them is our Co-Win software. In this situation, Britain can antagonise India at its own peril. And the ramifications of it will not be restricted to the Covid response alone.

UK government adds Covishield to approved vaccines list in recent travel advisory
India

UK government adds Covishield to approved vaccines list in recent travel advisory

The move follows widespread condemnation of the Serum Institute of India manufactured vaccines not being included in a list of eligible COVID-19 vaccines recognised under Britain's reviewed international travel norms, effective from 4 October.