Tata Steel Seeks UK Government Funding Help

Tata Steel Seeks UK Government Funding Help

MoneyContro reported that Tata Steel has asked the UK government for more substantive and permanent options that will secure the company's operations

in the country in the long term. Tata Steel CEO and Managing Director Mr TV Narendran told Moneycontrol "The support we are looking for is a little more substantive and something more permanent that will help us bring down cost of production and add value to the product mix. Or, help us over a period of time in making a transition to a greener facility. While the company has already got financial assistance from the UK government, this was more immediate in nature to help the company's present cash flow. The support is something that the government is giving to all companies, to tide over the impact of COVID-19.”

Mr Narendran however declined to quantify the support and said "That is not enough to make the business going in the long term."

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