Tata Steel expects due diligence on sale of Dutch assets to be completed by Dec

Wednesday, 18 November 2020 11:40:58 (GMT+3)   |   Kolkata

Indian steel producer Tata Steel is expecting due diligence for the sale of its steelmaking assets in the Netherlands to SSAB AB, Sweden, to be completed by December this year, the company management told the media on Tuesday, November 17.

The management said “if everything goes well” Tata Steel will commence negotiations on commercial terms soon after the completion of due diligence, and a final binding agreement could be reached soon thereafter.

Meanwhile, the process to separate the Tata Steel Netherlands and Tata Steel UK businesses has been initiated and this is being done because Tata Steel will pursue separate business strategic paths for the Netherlands and the UK in the future, Tata Steel managing director T V Narendran said. He stated that, after the sale of the Netherlands assets, the aim will be to make the UK business self-sustaining without the help of its parent, Tata Steel in India.

Tata Steel is also in discussion with the UK government for support needed to create a long-term sustainable business in the UK, he said.

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