UK biz sale process on: Tata Steel

business Updated: Jun 06, 2016 06:31 IST

LONDON: Tata Steel has refuted reports claiming that it is close to a deal with the British government to keep its UK business rather than sell it, and said it was committed to the ongoing “urgent sale process”.

While the company is currently evaluating bids, the David Cameron government has initiated a consultation process to restructure the British Steel pension scheme, whose 700-million-pound deficit is seen as a deterrent to potential buyers.

“Tata Steel has consistently stated that it is committed to running a thorough and urgent sale process for its UK business. That remains the case today,” a company spokesperson told HT.

First Published: Jun 06, 2016 06:31 IST