Diabytes
Liberty House Group News
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The sale agreement covers the 42-inch and 84-inch pipe mills, also known as the SAW mills, where about 140 employees manufacture pipeline for gas and oil projects around the world, the company said in a statement.
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Global giant Tata Steel Thursday said it has inked a pact to sell its Specialty Steel business that employs 1,700 people to Liberty House Group for 100 million pound (about Rs 840 crore).
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Tata Steel on Monday clinched a pact with UK-based Liberty House Group that allows it to start exclusive talks for potential sale of its Speciality Steels business for an enterprise value of 100 million pounds subject to due diligence and corporate approvals.
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Liberty House Group plans to bid for two units of Tata Steel`s British business - specialty steels and pipeline tubes - which operate independently of its Port Talbot plant and related assets that were put up for sale earlier this year, an industry source told Reuters.
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Liberty House Group will start due diligence within a week from Monday on the loss-making UK assets that Tata Steel has put up for sale, its boss Sanjeev Gupta said, adding he was confident of turning the business around with government help.
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