LONDON (Reuters) - The executive chairman of commodities company Liberty House has had a "positive" meeting with the UK government regarding the future of Tata Steel's UK operations, he said in a statement on Tuesday.
Liberty House has been touted as a potential 'white-knight' investor for Tata's troubled UK business, which has been hit hard by falling steel prices and dwindling export demand in key markets.
"The UK Government appears highly supportive and is proactively engaged in finding a long-term solution. We have also actively engaged with Welsh Government and again we are encouraged by their approach," Sanjeev Gupta said, after meeting British business minister Sajid Javid.
He added that all parties were "very motivated" to find a solution for the loss-making business, and that the next stage would be for Tata to open a formal sales process before Liberty House assessed its next step.
Liberty is a key investor in Britain's steel industry with holdings in Newport, the Midlands and Scotland.
(Reporting By Freya Berry, editing by Sinead Cruise)