United Kingdom, London: Liberty House plans to submit a formal bid to buy Tata Steel's UK assets, including the Port Talbot works employing about 4,000 people.

Liberty to bid for Tata’s UK business

United Kingdom, London: Liberty House plans to submit a formal bid to buy Tata Steel’s UK assets, including the Port Talbot works employing about 4,000 people.

Liberty, headed by Sanjeev Gupta, was first to express an interest in buying the assets when they were put up for sale, reports BBC News.

In addition to the Port Talbot factory, Tata’s remaining assets include sites at Newport, with more than 1,300 employees, and Rotherham, which employs 1,200. Tata also has operations at Corby, Shotton and Teesside.

According to BBC, the company had put together a team of advisers and financial backers.

“The formal process is to submit a letter of intent; it amounts to a bid. It will be done on Tuesday,” spokesman for Liberty told BBC.

Source: BBC News