Tata Steel Appoints Jha as U.K. Unit CEO to Hasten Sale Processby
Jha led talks for sale of long product business to Greybull
Advisers contacted 190 potential investors in past seven days
Tata Steel Ltd. named Bimlendra Jha as the chief executive officer of the steelmaker’s U.K. operations while appointing Standard Chartered Plc as a second adviser to expedite the sale of unprofitable units.
Jha, currently executive chairman of Tata Steel Europe’s long products business, which will be sold to Greybull Capital LLP, will report to Hans Fischer, CEO of the company’s European operations, it said in a statement Monday.
Tata Steel last month said that it plans to sell all its unprofitable U.K. units which is at risk of shedding thousands of jobs. The company last week announced a sale agreement with Greybull Capital for its Scunthorpe steelworks in England, as well as mills in Teesside and northern France.
The company has selected Standard Chartered as an additional adviser to work alongside KPMG LLP to seek out more potential buyers, especially in Asia, Tata said. In the last seven days the advisers contacted 190 potential financial and industrial investors globally, it said.
“More detailed information sharing will commence this week as the process moves into the confidential phase,” Tata said in the statement.
Liberty House Group, which is interested in the Port Talbot operations, expects Tata Steel to set an end of May bid deadline for the sale. The U.K. government would consider co-investing with potential buyers on commercial terms, Business Secretary Sajid Javid said April 11.