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Last Updated : May 23, 2016 05:18 PM IST | Source: CNBC-TV18

7 bidders for Tata Steel's UK biz to submit binding bids today

Earlier this month, Tata Steel had shortlisted seven bidders including US‘ steel giant Newcore Steel, Greybull Capital, Excalibur Steel, Liberty House, JSW Steel and Hebei Iron & Steel. The company‘s board, which is excepted to meet on Wednesday, will further whittle down the shortlist to 2-3 bidders from the above.


The search for a saviour for Tata Steel’s UK business shifts up a gear on Monday when seven shortlisted bidders are expected to submit their formal binding bids by 5 PM today.

Earlier this month, Tata Steel had shortlisted seven bidders including US’ steel giant Newcore Steel, Greybull Capital, Excalibur Steel, Liberty House, JSW Steel and Hebei Iron & Steel.

The company’s board, which is excepted to meet on Wednesday, will further whittle down the shortlist to 2-3 bidders from the above after formal bids, reports CNBC-TV18’s Kritika Saxena.

Of these seven, two bidders namely Newcore Steel and Hebei have backed out, sources say. Certain reports over the weekend also suggest that Sanjeev Gupta-led Liberty House and Excalibur Steel will join hands and bid together.

Sources also suggest that JSW Steel will not be submitting a binding bid today.

Watch video for more..

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First Published on May 23, 2016 08:23 am
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