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Tata Steel begins to sell British assets

Tata Steel begins to sell British assets

Information about the sale of Tata Steel British assets were provided by the UK Minister for business. In mid-April, Tata Steel begins the process of formal implementation of the metallurgical assets. The Indian company is interested in an early exit from British business. The rush is due to its unprofitability. While specific dates are still not known.

The UK government hopes that a buyer for the assets of the Indian company. The government also expects the lead time to prepare the transaction. At successful coincidence of circumstances the company to close not necessary. Freezing of plants is highly undesirable. It would deprive Britain of a significant share of the metallurgical industry. Plus, it would have lost about 40000 operating points. Taken into account and related sectors. Another disadvantage is the loss of tax revenue and increase of expenses for subsidies and social benefits. According to estimates InstituteForPublicPolicyResearchпотери will amount to 4.6 billion pounds.

Now the government does not intend to nationalize enterprises Indian companies. According to representatives of the British government, such a step requires considerable expenses. Will have to invest a considerable amount in support of enterprise functioning. However, in any case, the costs will take place. The head of the Liberty House Group is not against the purchase of the Indian assets. Sanjeev Gupta is very interested in buying steel plant Port Talbot. However, he did not intend to buy businesses with debt. Besides, he insists on the necessity of public financial support. It should be aimed at construction of electric arc furnaces at Port Talbot. Thus, replacing the currently existing blast furnaces. Also, the conversation is conducted on preferential tariffs for electricity. Indeed, in the UK the cost of electricity is one of the highest in the world. And this point is a serious disadvantage for industrial development of the country.

Some experts believe that the implementation of these requirements will cost 3 billion pounds. Expenditures for the nationalization of Indian assets was estimated at £ 1.5 billion approximately. This amount includes and support the work of Port Talbot throughout the year. Contenders for the assets of Tata Steel in the UK is not too much.

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