An Indian Origin family is looking to buy Tata Steel's Scottish plants. The family already owns a steel firm under the name Liberty House. Tata Steel is on the verge of closure due to the unprecedented crisis in the industry.
Sanjeev Gupta who is the managing director of Liberty House gas acquired a certain number of units from another UK based steel firm, Caparo Industries, owned by noted NRI industrialist Lord Swaraj Paul. The company refused to divulge more information regarding this business deal.
Minister Fergus Ewing said, "I met Liberty management last week to outline the range of potential support that would be available from the Scottish Government and Scottish Enterprise should it succeed in a buyout."
Earlier Tata steel faced an unexpected crisis which has forced them for a shut down. However Steel Unions have said that this is not part of the final package. British Steel industry went through such a rough phase as a result of cheap Chinese imports and a collapse in steel prices.
