A THIRD rescue has been struck by administrators to sell off part of Caparo Industries saving 300 jobs in the Black Country.

Administrators are selling Caparo Tubular Solutions to the Gupta family who run Simec and Liberty House commodities companies.

Caparo Tubular Solutions manufactures, distributes and supplies advanced tubes and automotive and aerospace industry parts.

The deal, which has preserved the jobs of 333 workers, comprises the following group companies in the two areas - Caparo Precision Tubes Oldbury, Caparo Tube Components, Caparo Accles and Pollock, Hub Le Bas and the Caparo Tubes Tredegar asset.

Robert Moran, partner at PwC, said: "The sale of Caparo Tubular Solutions is a major boost for the Midlands economy, the employees of Caparo and more widely for the UK steel industry.

"This is third deal to be completed out of the administration, following the recent sales of Caparo Wire and Caparo Testing Technologies.

"We would like to thank all of the Caparo people involved for their dedicated support in working with the administrators to secure this transaction."

He added: "We continue in advanced discussions with parties relating to interest in other group companies."

Black Country Chamber of Commerce president Ninder Johal backed the deal.

He said: "This is a major investment from the Gupta family that shows they have belief in the Black Country and our workers," he added.

"It's come as no surprise to me that this has happened. A lot of businesses have been watching the situation at Caparo closely.

"The new owners will have reasoned that despite the problems with the steel industry there are a lot of skilled people here that can make the company work."

Caparo's Cradley Heath companies have yet to be sold off by administrators.