Tata UK News

Management buyout firm Excalibur and Indian-origin businessman Sanjeev Gupta's Liberty House, the two front-runners in the race to acquire Tata Steel's UK assets, are believed to be considering joining forces, it emerged Sunday.

Tata Steel in the UK on Friday warned its employees that the new pension scheme is heading for a huge shortfall of 2 billion pounds (USD 3 billion) as unions prepared to announce the results of a ballot to determine industrial action against the Indian steel giant.

Facing with USD 3 billion shortfall in pension funds in UK operations, Tata Steel on Friday said that any industrial action against its proposed changes in the pension scheme will be "self-defeating" and will "jeopardies" a sustainable business in country.