BENGALURU (TIP): Tata Steel Limited said on Friday it was in talks with potential strategic partners in the steel industry, including Thyssenkrupp AG, to explore a potential joint venture for its UK business.

However, the company said the talks were currently at a preliminary stage and there could be no certainty of a transaction as the outcome depends on consultation and negotiations with various stakeholders.

Tata Steel also said it would begin separate processes for the sale of its South Yorkshire specialty steels business and the Hartlepool pipe mills, excluding the 20-inch tube mill, in the UK.