Mumbai | Kolkata: The auditors of Tata Steel Europe have said there is “significant doubt regarding Tata Steel Europe as a going concern” because of concerns about the company’s ability to raise adequate funds for working capital requirements over a period of time. In Tata Steel’s Integrated Report and Annual Accounts 2019-20, the auditors have stated that Tata Steel
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bailout plan, titled “Project Birch”, had been authorized by finance minister Rishi Sunak in May to rescue companies that are seen as strategically important. The impact of the Covid-19 global pandemic will require Tata Steel Europe Ltd to access group company support in order to meet its obligations as they fall due, according to officials familiar with the situation.