UK biz sale process on: Tata Steel

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

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”.

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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.