Metal tycoon Sanjeev Gupta is seeking a $1bn ( pounds sterling 684m ) war chest to rescue the UK arm of Tata Steel and has lined up investment bank Macquarie as a backer.
Sources revealed that the entrepreneur behind Liberty House , who recently bought two Scottish steel mills from Tata, has privately calculated that he will need about $1bn in working capital to keep the various sites operational.
The jobs of thousands of steel workers are hanging in the balance ahead of tomorrow's deadline for initial bids.
Tata has told more than 190 suitors they have to submit letters of intent for the business, which are aimed at identifying the serious players.
Port Talbot was put up for sale last month by the Indian conglomerate, which decided to pull out of the UK altogether after rejecting a pounds sterling 100m rescue plan because it was 'unaffordable'.
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