Tata Steel to sell UK-based TCP by Feb

Tata Steel plans to sell its UK-based Teesside Cast Products TCP plant for 500 million in two months and will use the proceeds to repay its European debts,a top company official said.

We will close Teesside Cast Products plant sale within two months. The proceeds will be used to repay our European debt, Tata Steel managing director H M Nerurkar told reporters.

He,however,did not reveal the amount of European debt. Earlier,Tata Steel8217;s UK subsidiary Corus said it had signed an MoU with Thailand8217;s largest steel producer Sahaviriya Steel Industries SSI to sell the TCP unit.

We hope,we will reach a conclusion by February. SSI will pay 500-million for buying the Teesside plant, Nerurkar said.