Indian steel major Tata Steel is actively engaged with the UK government for financial support for its business there, a company spokesperson said, amid reports of the Tatas looking to divest their steel business in the UK.
"Tata Steel is seeking support from the UK government in two forms. In policy terms by encouraging the transition to green steel and ensuring a cost competitive landscape, and partnership in financing of the project given the size of investment and the financially constrained position of our UK business," the spokesperson told PTI.
The company at present is in active and detailed discussions with the UK government with relation to the future of the business. Currently, it is not in discussions with any potential buyers for the UK business, the spokesperson added.
Tata Steel owns the UK's largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. The company is seeking £1.5 billion from the UK government to execute its decarbonisation plans.
As part of the UK's decarbonisation move and rising carbon costs in the country, it is necessary for Port Talbot to transition to alternative technologies to remain viable.
Tata Steel CEO and MD T V Narendran had earlier told PTI his company plans to invest Rs 850bn (£9.12bn) in India and Rs 350bn (£3.8bn) on operations in Europe in 2022-23 to increase product mix and transition to low CO2 technologies, in line with the company's goal to produce CO2-neutral steel by 2050 in Europe.
(PTI)