Tata: 190 potential global ‘investors’ sounded out over sale of UK steel business
Tata say they have ‘reached out’ to 190 potential global financial and industrial investors in an effort to find a buyer for its UK steel operations.
The company has also announced it has appointed a new CEO for the UK steel operation.
Bimlendra Jha, an Executive Committee member of Tata Steel Europe, has been appointed as the Chief Executive Officer of Tata Steel UK.
Mr 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.
Jha, will report to Hans Fischer, Chief Executive Officer of Tata Steel Europe, he will be supported by a team of executives from across Tata including operations, procurement, finance, human resources and commercial.
Mr Koushik Chatterjee, Group Executive Director of Tata Steel Limited, said:
“Today’s announcement by Tata Steel Europe will ensure the full focus on the vital tasks that lie ahead of Tata Steel UK. Bimlendra’s successful experience of the process of divestment of Long Products Europe 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. To deliver greater clarity for all key stakeholders such as employees, customers and suppliers, it is important for the new team to seek all credible options in a time bound manner.”
Tata has also appoointed Standard Chartered bank as additional advisers in the sale process as Tata look to offload its UK steel operations.
Over the last seven 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.
Tata say ‘more detailed information sharing will commence this week as the process moves into the confidential phase.’
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