Tata Steel on Monday (Nov 28) clinched a pact with UK-based Liberty House Group that allows it to start exclusive talks for potential sale of its Speciality Steels business for an enterprise value of 100 million pounds subject to due diligence and corporate approvals.
The signing of the letter of intent (LoI) is in line with the company’s overall restructuring strategy of the UK portfolio. Liberty House Group, led by India-origin businessman Sanjeev Gupta, had emerged as the frontrunner for the Indian steel giants UK plants when these were put on the block earlier this year.
The agreement covers some of Tata Steels South Yorkshire-based assets, including the Rotherham electric arc steelworks, the steel-purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury in the UK and in Suzhou and Xian in China.
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