The British government announced on Thursday that it is willing to acquire a 25 percent minority equity stake in Tata Steel's UK operations as well as offer "hundreds of millions of pounds" in debt relief to rescue the troubled Indian steel giant by helping potential buyers. UK Business Secretary Sajid Javid said the financial package would be jointly fashioned by the UK and Welsh authorities. The government, he added, was "working closely with Tata Steel UK on its process to find a credible buyer". "We will work alongside a potential buyer to make sure that the government is doing what it can to support a viable sale," British Prime Minister David Cameron's spokesperson said. "If we were to take an extra stake, it would be a minority one with the aim of supporting the purchaser in delivering a long-term future for the business; we are certainly not seeking to be controlling the company," said the spokesperson. Besides a minority stake, the UK and Welsh governments are considering additional grant funding, which could involve support for the development of power plant infrastructure, energy efficiency and environmental protection measures, R&D and training. The government also said it was working with the pension scheme trustees of Tata Steel and British Steel to minimise any pension impact on the purchaser.