MUMBAI: India’s Tata Group will begin the process of selling its British steel assets by Monday, a British minister said after talks with the firm in Mumbai, adding that there was no set timeframe for its completion.
British Business Secretary Sajid Javid said his government would do “all it can to help secure a serious buyer” for the Port Talbot plant in Wales and other assets, where 15,000 jobs have been put at risk by Tata’s plans to sell.
“They will start the formal sales process by Monday but they have also not set a formal timeframe,” Javid said after his meeting with Tata Group chairman Cyrus Mistry.
“What they have said is that they will allow a reasonable amount of time for this process to be completed.”
Describing the meeting as “constructive and positive,” he said: “I’ve made it clear that the UK government will do anything it can to support any serious buyer in every way we can to secure the long-term future of this industry.”
Javid said “a number” of people had expressed an interest in the steel business but added: “I think more will do so once the formal process begins.”
Sanjeev Gupta, the boss of steel and metals company Liberty House, is the only buyer who has publicly expressed an interest so far, and he said Wednesday that his plans are only in the very early stages. “It’s a very daunting proposition, I’m not suggesting that it’s easy... it’s going to require a lot of analysis,” he told the BBC.
Tata Steel said it was selling off its loss-making British assets due to a global oversupply of steel, cheap imports into Europe from countries including China, high costs and currency volatility.
Prime Minister David Cameron’s government has been racing to find a buyer amid growing pressure from the opposition, trade unions and the press to safeguard the iconic British steel industry which dates back to the 19th century.
It is also working on a plan to take on some pension liabilities and reduce energy costs to make a deal more attractive to a potential buyer.
Tata to start British steel sale process soon
Tata to start British steel sale process soon
Saudi PIF-backed Humain awards AI data center project to MIS
RIYADH: Humain, an artificial intelligence company backed by Saudi Arabia’s Public Investment Fund, has awarded Al Moammar Information Systems Co. a contract to design and build a data center dedicated to AI technologies.
In a filing to Tadawul, MIS said the project’s value exceeds 155 percent of its total revenues for 2024. The company reported revenues of SR1.21 billion ($320 million) last year, implying a contract value of nearly SR1.88 billion.
The development aligns with Saudi Arabia’s Vision 2030 program, which aims to position the Kingdom as a regional technology hub by the end of the decade.
The contract is expected to be signed on Feb. 15, 2026, and does not involve any related parties, according to the statement. MIS will design and construct a private AI-focused data center for Humain.
Earlier this month, Saudi Telecom Co. signed an agreement with Humain to launch a joint venture to develop and operate data centers dedicated to artificial intelligence in the Kingdom.
According to a Tadawul filing, Humain will hold a 51 percent stake in the joint venture, while stc will own the remaining 49 percent.
The data center will be developed through stc’s subsidiary Digital Data and Communications Centers, also known as center3.
The facility will feature advanced infrastructure capable of supporting up to 1 gigawatt of power, starting with an initial capacity of 250 megawatts, subject to customer demand.
Saudi Arabia has been ramping up its AI ambitions. Earlier this month, the Saudi Press Agency, citing the Global AI Index, said the Kingdom ranked fifth globally and first in the Arab region for growth in the AI sector.
The report said the ranking reflects the Kingdom’s progress in artificial intelligence and the success of its economic diversification strategy under Vision 2030.
Separately, MIS said on Dec. 24 that it signed a SR114.43 million contract with the Saudi Central Bank to renew IT systems support licenses. The 36-month agreement covers license renewals and ongoing support, with the financial impact expected to be reflected in the company’s fourth-quarter results.
