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StanChart to advice Tata steel on sale of UK business

business Updated: Apr 20, 2016 01:47 IST
Prasun Sonwalkar
Prasun Sonwalkar
Hindustan Times
Standard Chartered

A picture shows Tata Steel's steel plant in Scunthorpe, north east England, on March 31, 2016. Britain is "doing everything it can" to help the country's stricken steel industry following Tata Steel's decision to put its British business up for sale, Prime Minister David Cameron said. (AFP Photo)

Tata Steel Europe on Monday appointed Standard Chartered as additional adviser along with KPMG to scout for buyers in Asia and the Far East. The company said it has reached out to 190 potential financial and industrial investors for selling its UK assets.

The company said new changes to its leadership operations included re-designating Bimlendra Jha, executive committee member of Tata Steel Europe, as the chief executive officer of Tata Steel UK.

Jha, who is currently executive chairman of Tata Steel Europe’s long products business, led the divestment process, which resulted in the deal with investment firm Greybull Capital on April 11.

“Today’s announcement by Tata Steel Europe will ensure the full focus on the vital tasks that lie ahead of Tata Steel UK,” said Koushik Chatterjee, group executive director of Tata Steel Ltd.

“Bimlendra’s successful experience of the process of divestment of long products Europe business will be invaluable as Tata Steel Europe explores strategic alternatives for its operations in the UK. He will be supported by a team with immense operating experience of the UK business.”