The Tata Steel management is likely to meet on Friday to discuss stake sale of its UK business, sources say. UK’s business secretary is currently in India to mull over stake sale with the Tata management. CNBC-TV18’s Kritika Saxena, quoting sources, says that the sale might be kept on hold to look at all the choices including pension liability. Sale of Port Talbot asset might also be put on hold.Sources say that no bidders have backed out despite Brexit jitters. Britain’s largest steel maker, Tata Steel had put its asset for sale in March this year. Seven players have submitted bids for the business so far. Chintan Mehta of Sunidhi Securities says that a pause in sale could be due to there being no seller or because of the recent referendum. Mehta continues to be bearish on the company and says the deal is unlikely to go through before 2018. He has a target price of Rs 270 on the stock.Watch video for more...
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