Mumbai: UK business minister Sajid Javid today held talks here with the senior management of Tata Steel including chairman Cyrus Mistry ahead of the company's board meeting later in the day.
Javid's meeting with Tata management was crucial amid the reports that Tata Steel may "pause" its plans to sell off most of the troubled UK units, including the mammoth Port Talbot steelworks in Wales.
Although Javid did not meet the media, he later tweeted, "Just finished meeting with Tata Steel in Mumbai. Now off to Delhi for talks on UK/India trade." "This is part of our ongoing dialogue with Tata to maintain momentum and achieve a long-term solution for UK steelmaking," the Department for Business, Innovation and Skills had said in a statement in UK yesterday.
The steel major is expected to proceed with the sale of its speciality steel making business, which employs 2,000 employees in sites of Hartlepool, Rotherham and Stocksbridge in the UK, and possibly shelve plans for the rest of its steelworks as a result of rising steel prices and uncertainty following Britain's vote to leave the EU.