Tag Archives: Tata

Tata Sons hires Roopa Purushothaman as chief economist

Tata Sons today announced the appointment of Roopa Purushothaman as its chief economist and head of Policy Advocacy. Purushothaman, who will join Tata Sons with effect from September 1, comes from Everstone Capital, where she was leading the research function. “In her role, Purushothaman will drive macroeconomic research as well as all policy and advocacy initiatives as relevant… Read More »

Tata Steel UK workers accept cuts to pension benefits

Tata Steel’s (TISC.NS) British workers voted on Wednesday to accept pension benefit cuts in return for safeguards on jobs and investment, although the Indian company’s plan to spin off its entire UK pension scheme still faces regulatory hurdles. Wednesday’s vote allows Britain’s largest steelmaker to close its 15 billion pound British Steel Pension Scheme (BSPS) to future accrual… Read More »

Tata Steel agrees to sell speciality steel biz to Liberty House

India’s Tata Steel Ltd (TISC.NS) said on Thursday its British arm has signed a definitive agreement to sell its speciality steel business to Liberty House Group for 100 million pounds. The deal covers several South Yorkshire-based assets including the electric arc steelworks and bar mill at Rotherham, Tata Steel said in a filing to Indian stock exchanges. Speciality… Read More »

Tata Steel may close UK pension scheme – union source

Tata Steel UK is looking at closing its defined benefit pension scheme to future accruals and move members onto a defined contribution pension instead, a union source said on Wednesday. Britain’s largest steelmaker is seeking a way to lessen the British Steel Pensions Scheme’s deficit, which is one of the main stumbling blocks in talks to merge Tata… Read More »

Scunthorpe sale costs hit Tata Steel

Costs related to the sale of its Scunthorpe operations pushed Tata Steel into the red for its first quarter. The Indian company lost 32.9bn rupees (£370m) when it sold its European long products division, based in North Lincolnshire, to Greybull Capital in April for a nominal sum. Tata Steel made a net loss of 31.8bn rupees (£358m) for… Read More »

Tata Global Beverages may sell its China operations

Tata Global Beverages on Wednesday said it might sell its loss-making China subsidiary. The company’s Chinese subsidiary, called Zhejiang Tata Tea Extraction Company, reported a net loss of Rs. 15 crore in the previous financial year. “For China, we are exploring different options, which could be restructuring or a sale,” Cyrus Mistry, the Tata Group Chairman, said at… Read More »

Liberty House to submit bid for Tata Steel UK on Tuesday

Metals group Liberty House will submit a letter of intent to buy the British assets of Tata Steel on Tuesday, a spokeswoman said, in the first concrete bid since the Indian conglomerate put the business up for sale, threatening thousands of jobs. India’s Tata group announced plans to sell its entire UK steel operation in March, leaving the… Read More »

UK Business Secretary postpones Iran trip to focus on Tata steel crisis

Business Secretary Sajid Javid has postponed a major trade visit to Iran to focus on the future of Britain’s steel industry, a spokesman from the business department said on Tuesday. India’s Tata group announced plans to sell its entire UK steel operation in March, leaving the government battling to save an industry that has been hurt by cheap… Read More »

British government met potential buyer for Tata Steel UK

The British government opened talks on Tuesday with potential buyers for Tata Steel’s UK operations, including Sanjeev Gupta’s commodities company Liberty Group, as it stepped up its battle to find a buyer for the loss-making business. Accused by opposition lawmakers of being “asleep at the wheel” when Tata Steel put its entire British operations up for sale last… Read More »

Tata Steel seeks British exit, thousands of jobs at risk

Britain battled to save its steel industry on Wednesday after India’s Tata Steel (TISC.NS) put its British operations up for sale, leaving thousands of jobs at risk as a result of cheap Chinese imports. The move comes less than three months before Britons vote on the country’s membership of the European Union in a referendum dominated by concerns… Read More »