Last checked at 18 Apr 2016 11:27
18 April 2016
Appointment of CEO for Tata Steel UK and further advisers for sale process of Tata Steel UK
Tata Steel Europe today announced changes to the leadership of its operations in the UK. Bimlendra Jha, an Executive Committee member of Tata Steel Europe, has been appointed as the Chief Executive Officer of Tata Steel UK.
Mr Jha is currently Executive Chairman of Tata Steel Europe's Long Products Europe business and has successfully led the divestment process that resulted in the signing of a Sale and Purchase Agreement with Greybull Capital on April 11.
Mr Jha, in this new position, will report to Hans Fischer, Chief Executive Officer of Tata Steel Europe. He will be supported by a team of executives drawn across functions including operations, procurement, finance, human resources and commercial.
Mr Koushik Chatterjee, Group Executive Director of Tata Steel Limited, said: "Today's announcement by Tata Steel Europe will ensure the full focus on the vital tasks that lie ahead of Tata Steel UK. Bimlendra's successful experience of the process of divestment of Long Products Europe will be invaluable as Tata Steel Europe explores strategic alternatives for its operations in the UK. He will be supported by a team with immense operating experience of the UK business. To deliver greater clarity for all key stakeholders such as employees, customers and suppliers, it is important for the new team to seek all credible options in a time bound manner."
In order to provide further support to run and manage a global sale process, Tata Steel Europe has appointed Standard Chartered bank as an additional adviser to the process to ensure the coverage and reach of the universe of potential buyers, especially to Asia and the Far East. They will work alongside KPMG LLP, whose appointment was announced on April 11.
Over the last seven days, the advisers to Tata Steel Europe have begun initial exploration of interest in Tata Steel's UK operations reaching out to 190 potential financial and industrial investors worldwide. More detailed information sharing will commence this week as the process moves into the confidential phase.
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For further information contact:
Call +44 (0)203 8176 693 or email tatasteelpressoffice@hanovercomms.com. Alternatively, call Enda Joyce on +44(0) 7980916827
Notes to Editors
About Tata Steel's European operations
Tata Steel is Europe's second largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe. The company supplies high-quality steel products to the most demanding markets, including construction, automotive, packaging, rail, lifting & excavating, energy and aerospace. Tata Steel works with customers to develop new steel products that give them a competitive edge. The combined Tata Steel group is one of the world's largest steel producers, with a steel capacity of more than 28 million tonnes and 80,000 employees across five continents.
About Bimlendra Jha
Mr Jha is currently Executive Chairman of Tata Steel Europe's Long Products Europe business, in which role he has successfully led that business towards the signing of a Sale and Purchase Agreement with Greybull Capital on April 11. Mr Jha will retain his responsibilities for Long Products Europe for the short period before completion of the transaction with Greybull Capital.
Prior to assuming responsibilities for Long Products Europe, Mr Jha was Executive Director, Group Strategy and European Supply Chain. He has been a member of Tata Steel Europe's Executive Committee, reporting to Tata Steel Europe's Chief Executive, throughout both roles.
Mr Bimlendra Jha is a Ceramic Engineer from IT-BHU, Varanasi, and has a Post-Graduate Diploma in Business Management from XLRI, Jamshedpur. Prior to his roles with Tata Steel Europe, Mr Jha was Vice President, Long Products Business of Tata Steel. Prior to that, he held a chief of staff role, Principal Executive Officer (PEO) serving two Managing Directors of Tata Steel, Mr B. Muthuraman and Mr H.M. Nerurkar. He also served as the Secretary of Group Corporate Centre which was the apex co-ordination forum of Tata Steel's worldwide operations.
He was the Executive-In-Charge of Tata Growth Shop, a capital equipment manufacturing business of Tata Steel before being appointed as PEO. He is acknowledged as having had a significant part in turning this business unit around using his skills in Theory of Constraints and other improvement philosophies.