Tata Steel Limited (BSE:500470) has not found any buyer for its United Kingdom (UK) business. Tata Steel Ltd said that there will be no buyers for its UK business if its pension fund liability is not taken care of. Bimlendra Jha, chief executive officer of Tata Steel UK Limited said, "We need to be aware that if this pension fund liability is not taken care of, there is no buyer sitting out there to buy this business." Bimlendra Jha told MPs that a sale would not happen unless the pension fund deficit was addressed.

He said with hindsight he should have attended a Tata board meeting in Mumbai in March when Tata decided to sell its UK business. At the time he was on an official visit to Australia. Jha told MPs that the government needed to do more to help the company find a buyer.

Although there was no set deadline for a sale, he said that Tata could not continue to "bleed" indefinitely. Jha said Tata was not prepared to split up its UK steel assets to secure a sale, "We would not deal with somebody saying leave alone Port Talbot and give us the rest - that is not a solution that's acceptable." He blamed the sale on "structural weaknesses" in the UK, such as high energy costs and business rates. "If we were at the same electricity costs as Germany , then [Tata Steel UK] would be £40m better off - we would not be having negative numbers," Jha told MPs.

"We would not be selling the business if we were not losing money"