Sajid Javid set to return to Mumbai for Tata Steel talks post-Brexit vote

 
Jessica Morris
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Javid previously flew to Mumbai in May (Source: Getty)

Business secretary Sajid Javid will fly to Mumbai this week for talks with Tata Steel, a spokesperson from the department for business, innovation and skills told City A.M.

It comes amid reports that the Indian conglomerate, and potential buyers, shied away from sales talks following Britain's vote to leave the European Union. ​Tata had been considering a string of potential bidders, and a management buyout.

Read more: Pressure grows on Tata to push ahead with sale

Small businesses minister, Anna Soubry, stressed today that she was "positive about finding a buyer" for Tata UK after the Brexit vote, or some other way to ensure that the steelworks stay open.

In a special joint committee steel inquiry, Soubry also reiterated the government's commitment to take a 25 per cent stake in Tata UK to secure a rescue deal. She assured it still stood despite potential problems for future exports to Europe.

Read more: Edi Truell says Brexit encouraged him to put together £1 bid for Tata UK

She added that failure to find a buyer could result in the government nationalising Tata's UK assets in a deal for a nominal £1.

“When we [initially] faced the crisis with Tata . . . you can be absolutely assured we looked at all options and one of those was whether or not we would buy it for a quid. We have looked at and we have continued to look at all options," she said.

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