TATA STEEL UK SALE ON TRACK
Tata Steel plans to continue with the sale process of its UK business in spite of the uncertainty over Britain's impending exit from Europe, the company's top leadership confirmed today."So long the sale process is on. Let it progress and we will figure out where it is," Koushik Chatterjee, group executive director of the Tata Steel group, said here today.The comment came less than a week after Brexit, which has thrown the British economy into turmoil, with the pound plunging to a 31 year-low and the stock market going into a tailspin.It is widely believed that fresh investments in the UK might be put on hold till clarity emerges on Brexit, which will require Britain to enter into trade negotiations with every country on every item, including steel.Moreover, there will be a leadership change in the ruling Conservative Party with Prime Minister David Cameron stepping down by October. The UK government has said it will make "millions of pounds" available to the new owner of Tata Steel's UK assets, most notably, Port Talbot."They (UK government) had offered certain support, which we had disclosed to all bidders. Question is where do we go from here? It is the same party but change in leadership," Chatterjee pointed out on the sidelines of Tata Metaliks's annual general meeting.