The British government has been under pressure to help a sale process go through after Tata said it would sell its British business.
It was August 2007. Tata Steel was turning 100. Jamshedpur, its hometown, had an air of celebration. The line-up for the special event included the launch of Air Deccan's commercial flight connecting Kolkata and Jamshedpur, and release of Russi Lala's new book, Romance of Tata Steel. There was also the screening of The Spirit of Steel, a 20-minute documentary directed by Zafar Hai showcasing Tata Steel's legacy, and a corporate anthem penned by Javed Akhtar and composed by Shankar, Ehsaan and Loy.
Management buyout vehicle Excalibur Steel, Sanjeev Gupta's Liberty House metals group, India's JSW Steel Ltd and Greybull Capital have submitted separate bids
In March, Tata Steel announced its intention to sell the entire 10.5 million-tonne UK assets.
The sale of Essar Oil was India's biggest deleveraging exercise undertaken by any debt-heavy group
There are seven potential buyers, ranging from the Port Talbot steelworks' management to the UK steel industry investors Liberty House
With the Tatas agreeing to sell its Scunthorpe steel plant in the UK to investment firm Greybull for a nominal one pound, the storied 'British Steel' name will be back in the now-ailing industry.
It is not clear at this stage whether Tata will take up the government's offer of taking a 25 per cent stake in the business.
The company said it had extended financial support to the UK business.
The UK government has promised to put in place measures worth hundreds of millions of pounds to support any rescue deal for the Indian group's UK business.
The S&P BSE Sensex ended up 129 points at 26,843 and the Nifty50 ended up 39 points at 8,220.
Tatas plan to revive, not sell the Port Talbot steel plant. The investment could be as much as $500 million.
Auto stocks led the rally with Tata Motors, Hero MotoCorp and Maruti Suzuki leading the gains.
Metal shares were the top gainers with Hindalco up over 5%.
Britain's traditionally anti-EU media have blamed Brussels for preventing London from taking greater steps to protect the industry.
Indian CEOs might like to make some serious course correction.
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