MUMBAI Nov 28 Tata Steel UK, the British arm of
India's Tata Steel, will hold exclusive talks with
trading firm Liberty House to sell its speciality steel business
as its parent seeks to offload loss-making assets and
restructure European operations.
The company has put an enterprise value of 100 million
pounds ($124.3 million) on the speciality operations, which
employ about 1,700 people and include sites in Britain and
China, it said in Monday's statement announcing the agreement to
hold exclusive talks.
The speciality steel division is one of the world's biggest
suppliers for the aerospace industry, with customers including
Rolls-Royce, Boeing and Airbus.
Tata Steel, India's biggest steelmaker by overall capacity,
has been trying to restructure its UK business, including
options such as a sale and partnerships.
In April the company agreed to sell its long-products
business in Scunthorpe to investment firm Greybull Capital for 1
pound. In July Tata Steel said it was in talks with Germany's
ThyssenKrupp AG over a joint venture for its European
Tata Steel's parent company, Tata Sons, is embroiled in a
bitter battle with former chairman Cyrus Mistry, who has been
removed from his executive roles at three of the group's
companies since being ousted as head of the conglomerate's
holding company in an October boardroom coup.
($1 = 0.8044 pounds)
(Reporting by Promit Mukherjee; Editing by David Goodman)