The beleaguered Tata Steel may shut its British plants in six weeks if it does not find a buyer soon even as it is in talks to buy steel assets of one of German’s largest producers.
The Indian steel giant is only ‘going through the motions’ of a sale and has privately given up hope of finding a white knight to rescue the loss-making unit and save 15,000 jobs, the Financial Times reported on Saturday, citing people familiar with the company’s internal plans. “Tata Steel could mothball plants in as little as six weeks. They have to go through the motions. But if they have not found a buyer by the next board meeting at the end of April, they will close it and they are not expecting anyone to come forward now,” it said, citing a person. The company is likely to appoint bankers to run through the sale process in the next few days. The Daily Telegraph said Tata is in talks to buy the steel assets of one of Germany's largest producers after quitting its operations in the UK.