New Delhi: The UK government is unlikely to offer Tata Sons a £1.5 billion subsidy package for the anticipated switch to green energy. As a result, Tata Sons is considering leaving Tata Steel’s UK operations.
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Tata Sons claims that in the next few years, it will be necessary to replace carbon-intensive blast furnaces with electric arc furnaces to keep the factory running. According to the ET report, “Tata Sons sees no point in waiting impatiently for support from the UK government, which is considering different strategies.”
With a capacity to produce 5 million tonnes of steel annually, the Tata Group has had a large business presence in the UK over the years. The company has been vocal about the need for government support to continue this operation.
An executive told ET, “The current business is also supporting local communities, the government should look into everything.” According to a Tata Steel spokesperson, the company is still in “active and detailed discussions with the UK government”.
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A Tata Steel spokesperson says, “The company is seeking support from the UK government in two ways: first, at the policy level, by promoting the switch to green steel and ensuring a cost-competitive landscape; and second, through collaboration in project funding, given the size of the investment and the financially precarious position of Tata Steel’s UK business.’ The spokesperson said there are currently no talks with potential buyers for the UK-based company.
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