Tata Steel has already started talks with other potential partners, said Tata Steel CFO and executive director Koushik Chatterjee in an exclusive interview to CNBC-TV18. On May 10, Tata Steel said the European Commission does not intend to clear its proposed joint venture with Germany's Thyssenkrupp.

The two companies had agreed last year to combine their steel operations in Europe to form the region's second-biggest steelmaker.

Chatterjee further said the company expects its European business to generate positive cash flows in the coming days. “If you look at it from EBITDA per tonne perspective, $50 per tonne is not our target. Our more sustainable target for Europe is around $70-75 per tonne. That is the target we have been making investments for in Netherlands,” Chatterjee added.

He said, "Last year we had a significantly challenging operating year because we had our blast furnace at Port Talbot down for three to four months and had some issues in Netherlands."

Shares of Tata Steel were trading at Rs 483.25 per share on the BSE at 1302 hours, down 0.83 percent.

First Published:May 13, 2019 1:00 PM IST