 "T V Narendran, new CII president and CEO and MD of Tata Steel")
Tata Steel's future course of action with respect to its UK business will be based on the British government's response to the company's proposal seeking financial support to sustain the business there, CEO T V Narendran said Monday.
Tata Steel owns the UK's largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. The company is seeking 1.5 billion pounds from the UK government to execute its decarbonisation plans.
On a conference call, Narendran said, "Obviously plans are being made in case we don't get the support that we seek form the (UK) government, but it's too early to talk about (it), but again a lot of conversations are going on internally to how we plan for all situations."
He made the remarks in reply to a question on the company's plan in case the UK government does not accept the Tata Steel's proposal.
Tata Steel is seeking support from the UK government in two forms. In policy terms by encouraging the transition to green steel and ensuring a cost competitive landscape, and partnership in financing of the project given the size of investment and the financially constrained position of the UK business.
When asked if a decision to engage with a buyer will be taken after the response of the government, Narendran replied in affirmative.
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"Absolutely, whatever we do we will decide based on the response of the UK government," he said.
Narendran further said the company has performed well in India and the Netherlands during the quarter ended September 30, 2022.
Compared to the two operations, UK business faces "some challenges," he said.
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