The struggling steelmaker said the sale includes several South Yorkshire-based assets, including electric arc steelworks and bar mill at Rotherham, steel-purifying facility in Stocksbridge and a mill in Brinsworth.
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.
Amtek Auto was among the first list of 12 companies which were referred by the RBI in 2017 to respective banks for initiation of insolvency process for defaults.
Sanjeev Gupta of Liberty House, a global supplier of metals and engineering solutions, who has emerged front-runner for a number of stressed companies, plans to fund a string of companies through a mix of equity and debt.
The Tata Group had acquired its UK steel operations as part of a 6.7 billion pounds acquisition from Anglo-Dutch steelmaker Corus in 2009.
Gupta has expressed an intent to buy Port Talbot, Britain's biggest steelworks
Mired in corruption, politics and with a history of suicides by its hapless depositors, PMC Bank's revival is a challenge very different from Yes Bank and LVB, both for the regulator and the rescuer, observes Tamal Bandyopadhyay.
There are seven potential buyers, ranging from the Port Talbot steelworks' management to the UK steel industry investors Liberty House
Sanjeev Gupta, chief of Liberty House, is being dubbed UK's new 'man of steel' after he emerged as a potential saviour of 4,000 jobs
Management buyout vehicle Excalibur Steel, Sanjeev Gupta's Liberty House metals group, India's JSW Steel Ltd and Greybull Capital have submitted separate bids
Besides a minority stake, the UK and Welsh governments are considering additional grant funding
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 haircut for major banks stands at 52 per cent, if the dues of Jaypee Infrastructure, Lanco Infrastructure and Era Infrastructure are kept out of the calculation.
Vrde currently manages about $14 billion globally, and has invested nearly $500 million in India in the past five years
Uttam Galva Steels is a part of the Reserve Bank of India's second list of cases, which will be referred to the bankruptcy tribunal for insolvency proceedings after lenders failed to resolve the account by December 2017.
Broader market outperformed the benchmark indices with S&P BSE Midcap gaining over 1%
Once Bhushan Steel is into its fold, Tata Steel will increase its capacity from 12.7 million tonnes per annum (mtpa) to 18.3 mtpa
In 2009, ArcelorMittal had picked up a stake in Uttam Galva Steels. A new Section 29A of the IBC prohibits promoters of companies with NPAs of more than a year from bidding for these companies.
UK's largest union Unite warned Tata against ducking its promises and conducting a 'fire sale' of its specialty steel business
The measures passed 236-191 votes immediately drew sharp reaction from the White House.
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 financial year ending Saturday saw such big-ticket events that set the directional tone for the country's business journey.
Market breadth remained strong with 1,581 advances over 1,018 declines on the BSE
The British government has been under pressure to help a sale process go through after Tata said it would sell its British business.
Stellar rally in ITC shares along with strength in the Asian equities capped the downside.
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