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Bloomberg
Tata Steel Ltd., part of India’s biggest conglomerate, agreed to sell its European long-products steel business to Greybull Capital LLP and started the formal sales process to exit the wider U.K. steel industry.
The agreement covers its Scunthorpe steelworks in England, as well as mills in Teesside and northern France, according to a statement from the Indian company’s U.K. subsidiary. The sale is for a “nominal†fee, Tata said. The unit employs 4,400 in the U.K. and 400 in France.
Tata Steel said last month that it plans to sell all its U.K. operations after years of losses, putting 15,000 jobs at risk and raising the alarm of British politicians.