The 44-year-old founder and chief of Liberty House Group, who evinced interest in acquiring the steelworks in Wales, has since held a series of high-level discussions, including with UK business secretary Sajid Javid, to explore its viability.

In an interview with reporter, he said that the thought of nearly 4,000 jobs on the line are always on his mind. Gupta added, "There has been a lot of pressure and my number of sleeping hours has definitely gone down. It's a difficult moment and whether we go ahead or not, that crunch time will come in the next few weeks”.

"If heavy job losses comes out to be the price to pay, we would not be the ones undertaking that exercise. We will undertake this exercise if we can sustain jobs, which we feel is possible at this stage," Gupta said.

His comments come ahead of the formal process for the sale of Tata Steel's UK units which is set to kick off tomorrow, when the Indian steel giant is expected to invite interested buyers. Bilateral negotiations are set to begin only after a formal short-listing process.

Gupta admits the crisis in the industry is set to get worse before it gets better due to excess steel capacity around the world but remains optimistic of its turnaround.

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