India-born entrepreneur Sanjeev Gupta was seen as the ‘saviour’ after he declared on Tuesday that there would be no redundancies if his offer to buy Tata Steel’s assets in Britain were accepted, as advanced talks were scheduled in Mumbai on Wednesday.
Business secretary Sajid Javid, who is at the centre of David Cameron government’s efforts to deal with the Tatas’ sell-off plans, was due to leave for Mumbai on Tuesday evening to meet Tata Sons chairman Cyrus Mistry. A series of meetings on the sell-off plans were held during the day.
Founder of commodities firm Liberty House, Gupta said: “Many (parts of the business) are loss-making at the moment but we believe they can be turned around. The biggest problem we see is the blast furnaces because they are importing all their raw material to smelt steel.”
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