Seven bidders are vying to take over India’s Tata Steel’s loss-making UK operations. The names of the bidders have not been released, but they are all companies that are interested in buying all of the steel-maker’s remaining UK assets, including Port Talbot as well as sites in Corby, Shotton, Teesside, Newport and Rotherham. Tata Steel Ltd. did not consider bidders interested in only acquiring parts of the business.
“We believe that the bids being taken forward offer future prospects of sustainability for the UK business as a whole,” said Koushik Chatterjee, Tata Steel’s executive director. “The sales process will continue as announced earlier in an expedited and robust manner.”
The UK government has pledged financial support to any potential buyer in an effort to expedite the sales process. No deadline has been set for the sale.
