London: 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.
Liberty's Executive Chairman Sanjeev Gupta had been the first businessman to express an interest in Tata's loss-making assets which include the huge Port Talbot steel plant in Wales.
"We can confirm that Liberty will submit a letter of intent to Tata Steel today and has put in place a strong internal transaction steering committee and panel of leading external advisers to take the bid forward," the spokeswoman said.
"We hope to make a further short statement later today."
Reuters
