Tata Steel, which has put its cash-bleeding U.K. business on the block, has reached out to 190 potential investors and roped in Standard Chartered bank as another adviser for the sale process.
In a stock exchange filing in Mumbai on Monday, the company also announced the appointment of Bimlendra Jha as chief executive of Tata Steel U.K. to ensure "the full focus on the vital tasks that lie ahead."
Having suffered losses for almost a decade since entering the U.K. in 2007, the steel giant is exploring all possible options for divestment of its entire business in the country. Its latest announcement reflects its desperate bid to find a solution as early as possible.
Jha, who is currently executive chairman of Tata Steel Europe's Long Products business, led the divestment process that resulted in the sale and purchase agreement with the U.K.-based investment company Greybull Capital on April 11.
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