Indian-origin businessman Sanjeev Gupta’s Liberty House group has confirmed that it will be submitting its bid for Tata Steel’s loss-making UK businesses by Tuesday, according to a media report.
Indian-origin businessman Sanjeev Gupta’s Liberty House group has confirmed that it will be submitting its bid for Tata Steel’s loss-making UK businesses by Tuesday, according to a media report.
The commodities trading firm, which emerged as an early front-runner for Wales-based Port Talbot steelworks, had said last week that its team was evaluating the bid. “We can confirm that Liberty will submit a letter of intent to Tata Steel on Tuesday and has put in place a strong internal transaction team and panel of leading external advisers to take the bid forward,” a Liberty House spokesp-erson was quoted as saying by The Financial Times.
Mr Gupta is being advised by several former Tata Steel executives including Jon Bolton, who until last year was the head of Tata’s Long Products business in Europe, the report said.
Mr Bolton joined Liberty House last month to run its steel business in Scotland, also bought over from Tata. Liberty House is reportedly working with Macquarie Capital, which is prepared to support the bid with funding, and State Bank of India.
