Sanjeev Gupta, the boss of metals trader Liberty House Group who wants to buy Tata Steel's loss-making British operations, says he has the financial resources to match his ambitions.

Hitting back at critics who have questioned his capacity to take on a business dragged down by heavy debt and weak sales, he said he was serious about making an offer and had the backing of a group with $7 billion of revenues.

“If you look at our financials, we are probably the least leveraged company in our sector,” Mr Gupta said.

“We like to punch above our weight, we like to take on challenges, but we know how to stay in business so we never over-stretch ourselves.”

Tata, the biggest steel producer in Britain, has been forced to try to sell its British businesses due to high costs, weak demand and cheap supplies from China.

– (Reuters)