Tata Steel has signed a definitive agreement to sell Speciality Steel business in the UK to Liberty House Group for 100 million pounds (about Rs 840 crore).
The UK-based Liberty House Group is led by Indian-origin executive chairman Sanjeev Gupta.
The deal will make Liberty House one of the largest steel and engineering employers in the UK, with more than 4,000 workers at plants located across Britain s industrial heartlands.
Speciality Steels, which makes high-value steels for the aerospace, automotive and oil & gas industries, has manufacturing facilities in Rotherham, Stocksbridge and Brinsworth in South Yorkshire and Wednesbury in the West Midlands, as well as service centres located in Bolton, and in China.