Tata Steel appoints new CEO for UK biz

Newly appointed Bimlendra Jha has led sale-and-purchase agreement with Greybull Capital

Tata Steel on Monday said it had appointed Bimlendra Jha, executive committee member of Tata Steel’s Europe operations, as the chief executive officer (CEO) at Tata Steel UK.

Jha was the executive chairman of Tata Steel Europe’s long products business and had successfully led the divestment process that resulted in the signing of a sale and purchase agreement with Greybull Capital on April 11. Jha, in this new position, would report to Hans Fischer, CEO at Tata Steel Europe, and be supported by a team of executives drawn across functions including operations, procurement, finance, human resources and commercial, said the firm.

“Today’s announcement by Tata Steel Europe will ensure the full focus on the vital tasks that lie ahead of Tata Steel UK. Bimlendra’s successful experience of the process of divestment of long products Europe will be invaluable as Tata Steel Europe explores strategic alternatives for its operations in the UK,” Koushik Chatterjee, group executive director of Tata Steel stated. In order to provide further support to run and manage a global sale process, Tata Steel’s European operations has appointed Standard Chartered bank as an additional advisor to the process to ensure the coverage and reach of the universe of potential buyers, especially to Asia.

They will work alongside KPMG LLP, whose appointment was announced last week. Over the last seven days, the advisors to Tata Steel Europe have begun initial exploration of interest in Tata Steel’s UK operations reaching out to 190 potential financial and industrial investors worldwide.

More detailed information sharing will commence this week as the process moves into the confidential phase. “Over the last 7 days, the advisers to Tata Steel Europe have begun initial exploration of interest in Tata Steel's UK operations reaching out to 190 potential financial and industrial investors worldwide," it said, according to a PTI report.