London–The European arm of Tata Steel on Monday said it was in talks with as many as 190 suitors for the sale of its UK units after they led to losses totalling nearly $3 billion.
The company also announced some leadership changes in the UK operations and said Bimlendra Jha, an executive committee member of its European operations, will be the chief executive of Tata Steel UK.
“Today’s announcement by Tata Steel Europe will ensure the full focus on the vital tasks that lie ahead of Tata Steel UK,” the company said in a statement.
“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.”
The company also made a disclosure regarding the asset sale in UK.
“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,” it said.
“More detailed information sharing will commence this week as the process moves into the confidential phase.”
The company has also 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 Far East.
Tata Steel had announced on April 11 that KPMG will be its principal advisor.
The announcement of the UK asset sale came after Tata Steel suffered $3 billion in losses in UK operations, some 10 years after it had forayed into Europe by acquiring Anglo-Dutch Corus for over $8.1 billion.
