This Indian-origin guy can save Tata Steel's UK business from imminent shutdown and pink slips

Liberty House, a firm by Sanjeev Gupta has confirmed its bid for Tata Steel in UK . Gupta has rescued several steel plants and hundreds of jobs in the UK so far.

"We can confirm that Liberty will submit a letter of intent to Tata Steel on Tuesday and has put in place a strong internal transaction team and panel of leading external advisers to take the bid forward," a Liberty House spokesperson was quoted as saying by 'The Financial Times'.

Gupta's interest in Tata Steel however comes with a twist. He has a turnaround plan that may cost as much as £1 billion by shutting down the blast furnaces and instead produce steel from the scrap generated in domestic market.

Gupta is currently being advised by several former Tata Steel executives including Jon Bolton.

Image credit: Indiatimes