Photo: ReutersLondon: Formal bids for Tata Steel’s loss making UK assets are set to be finalised on Monday, with a shortlist being drawn up in next few days and UK business secretary Sajid Javid set to fly out to Mumbai to hold talks with the Indian conglomerate to discuss the final bids. However, the company’s £15 billion pension scheme is likely to prove a stumbling block as the potential buyers are hesitant to take on the liability. A Tata spokesperson said the company was “in talks with the government and pension scheme trustees to find a solution for the scheme”. Two of the front- runners—Sanjeev Gupta owned Liberty House and management buyout group Excalibur Steel—are apparently willing to work togetherA file photo of Tata Steel Port Talbot plant in UK. According to UK media reports, Tata is aiming for the end of June to complete the sale.

Source: Mint May 23, 2016 06:52 UTC