On 11 April, Tata Steel started the process for a total exit from Tata Steel UK to cut further losses. As of 31 March, Tata Steel had gross debt of Rs.86,204 crore compared with Rs.80,701 crore as of March 2015. “Excalibur was created as an entity to manage the financing of an employee and management led buy-out of Tata Steel UK Ltd. Tata Steel is struggling in Europe and particularly in the UK as high production cost and cheap steel exports from China eroded profits. “For Europe, the sale for Tata Steel UK is crucial.

Source: Mint May 25, 2016 09:30 UTC