Formal bids for Tata Steel’s loss making UK assets are set to be finalised on Monday, with a shortlist being drawn up in next few days and UK business secretary Sajid Javid set to fly out to Mumbai to hold talks with the Indian conglomerate to discuss the final bids.
Monday had been set as the deadline for interested parties to put in their bids. Of the seven companies who had expressed interest, about three companies are expected to go forward to the next stage.
According to UK media reports, Tata is aiming for the end of June to complete the sale. However, the company’s £15 billion pension scheme is likely to prove a stumbling block as the potential buyers are hesitant to take on the liability.
The Daily Telegraph reports that to get over the hurdle, sources close to the sale say the UK’s department for business, innovation and skills (BIS) is supporting a proposal backed by the fund’s trustees which would see the pension fund “spun off” as a separate entity and effectively become a new scheme.
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