Tata Steel today said it has reached out to 190 potential financial and industrial investors for selling its UK assets, while appointing Standard Chartered Bank...
Tata Steel today said it has reached out to 190 potential financial and industrial investors for selling its UK assets, while appointing Standard Chartered Bank as an additional advisor to scout for buyers in Asia and the Far East.
It also said that Executive Chairman of Tata Steel Europe’s Long Products Europe business Bimlendra Jha will be appointed as CEO of Tata Steel UK.
“In order to provide further support to run and manage a global sale process, Tata Steel Europe has appointed Standard Chartered bank as an additional adviser to the process to ensure the coverage and reach of the universe of potential buyers, especially to Asia and the Far East,” it said.
They will work alongside KPMG LLP, whose appointment was announced on April 11, the statement added.
“Over the last 7 days, the advisers to Tata Steel Europe have begun initial exploration of interest in Tata Steel’s UK operations reaching out to 190 potential financial and industrial investors worldwide,” it said.
More detailed information sharing will commence this week as the process moves into the confidential phase, it added.
With initiation of the sale process for UK business, the plan of Tatas to play a leading role in UK’s once-storied sector, which the Indian conglomerate had entered nearly a decade ago with a USD 14-billion takeover with much fanfare, is coming to an end.
Tatas entered UK’s steel sector, that once dominated the British economy, in early 2007 with acquisition of Anglo-Dutch steelmaker Corus after a fiercely fought takeover battle with Brazil’s CSN — which till date remains the biggest ever overseas acquisition by an Indian group.