Tata Steel appointed advisors have reached out to around 190 potentials buyers for its UK assets.
In a statement to the stock exchanges on Monday, the Tata Group informed that the process to sell the UK plants has entered a definitive stage with the appointment of Bimlendra Jha, executive committee member of Tata Steel Europe as the chief executive officer of Tata Steel UK.
Jha is currently executive chairman of Tata Steel Europe’s Long Products Europe business and has successfully led the divestment process that resulted in the signing of a Sale and Purchase Agreement with Greybull Capital on April 11, this year.
Meanwhile, Tata Steel has also roped in Standard Chartered Bank as additional advisory to the sale process along with global consulting firm KPMG to look for potential buyers and manage the sale process once a suitable buyer is identified.
Although Tata Steel did not disclose the names of the potential buyers it has approached but company sources say that the list includes top global names in steel industry especially from countries like Japan and China.
Tata Steel meanwhile, has also set an internal deadline of 8 weeks to identify interested buyers for the entire asset, failing which it will look to sell individual assets in separate deals.
Earlier this month, Tata Steel sold its long product division in UK to Greybull Capital, for a token sum of 1 pound.