In a last ditch attempt to salvage the Tata steel exit from England. British Business Secretary Sajid Javid is scheduled to meet with Tata Sons chairman Cyrus Mistry to avert over 40,000 job losses in Britain following Tata Steel’s announcing its intent to sell its British steel business.
According to a report in the Guardian newspaper, Sajid Javid flew to Mumbai for talks with the Tata chairman. The British daily said the British minister’s visit here followed his talks with the country’s labour unions, who called for Javid to ensure that Tatas do all it can to find a buyer for its British sites.
Earlier, British Prime Minister David Cameron held emergency talks in London with ministers to tackle the crisis engulfing Tata Steel’s British operations, amid warnings that the firm has just weeks for a rescue deal on which up to 40,000 jobs could depend, the paper reported.
The Labour Party has termed it a national crisis, wanting the steel industry to be nationalised.
Having suffered nearly $3 billion in losses on the British operations, Tata Steel said it will explore options to put its entire portfolio there up for sale, some 10 years after it forayed into Europe by acquiring the Anglo-Dutch Corus for over $8.1 billion. (IANS)