Tata steel gets seven proposals
New Delhi: Tata Steel said on Monday that it has received seven expressions of interest (EoI) for its UK business, which it wanted to exit. The Indian conglomerate said that its primary intention is to assess expressions of interest for the whole of Tata Steel’s UK business.
“The seven expressions of interest being immediately taken forward are on this basis. Expressions of interest for parts of the UK business are not being taken forward at this point,” the company said in a statement. In the next phase of the sales process, the progressing parties will be given access to further business data and management team presentations to allow to them progress their interest to a binding stage.
“In addition, Tata Steel Europe is clarifying outstanding points with a number of other parties who have submitted an expression of interest. The remaining parties who submitted EoIs have been thanked for their participation in the process but informed that their expressions would not be taken forward currently,” it said.
“We believe that the bids being taken forward offer future prospects of sustainability for the UK business as a whole. The sales process will continue as announced earlier in an expedited and robust manner to deliver greater clarity for all key stakeholders,” said Mr Koushik Chatterjee, group ED (finance and corporate) of Tata Steel.