Tata Steel intend to formally launch the sale by Monday, the business secretary said.
Sajid Javid met with the chairman of Tata Steel today in Mumbai as he attempts to find a solution to the collapse of the UK steel industry.
Javid said the UK government "will do everything it can to support a serious buyer in every way we can to secure a long term future of this industry".
Tata have not set a timeframe for the sales process, Javid added, but the company will allow a "reasonable amount of time".
At least 18 people have died and 50 have been injured in a stampede in Mumbai after thousands gathered to mourn the death of the 102-year-old leader of a Muslim sect, a city official and television reports said.
The stampede took place outside the home of Syedna Mohamed Burhanuddin, the spiritual leader of the Dawoodi Bohra Muslim community, in a wealthy part of the city.
A large crowd of mourners was pressed against the gates of the house at the time, television channel CNN-IBN said, citing police.
A baby has been pulled alive from rubble 10 hours after the collapse of a building in India's financial capital Mumbai, the Associated Press reported.
The collapse killed at least three people and sent rescuers racing to reach dozens of people feared trapped in the rubble.
Relatives of the missing wailed and clung to one another as heavy machinery lifted the largest slabs of concrete away.
More than 25 people are believed to be trapped after a five-storey building collapsed in Mumbai, India this morning.
Four ambulance and 12 fire engines were rushed to the area, and are currently involved in rescue operations, according to NDTV news agency.
A rescue official at the scene said there were no confirmed deaths as yet and nine people had been pulled alive from the building.
A five-storey building is reported to have collapsed in Mumbai, India according to NDTV news agency.
The incident is thought to have taken place this morning at 6.25am local time (2am BST). Many people are reported to trapped under the debris.
Scantily-clad mannequins could soon be banned from shop fronts in the Indian city of Mumbai in an attempt to combat sex crime in the city.
The mannequin dress code, which was passed by an overwhelming majority but still requires formal approval, will only apply to models outside the front of shops.
Municipal council member Ritu Tawde, who proposed the ban, said that potential criminals can "get provoked by the mannequin" and that such displays "do not suit Indian culture".
Indians have been demanding stronger protections for women since the gang rape and killing of a student on a bus in the capital New Delhi last December.
A building has collapsed as it was being built illegally in India, killing at least 27 people, police have said.
The collapse injured 54 others and rescuers are searching for more casualties in the debris, explained police inspector Digamber Jangale.
The building in the Mumbai suburb of Thane did not have clearances from local authorities to be built, he said. The first four floors had offices, but most of those inside had left for the day at the time of the collapse.
Workers were adding four more floors and had finished three before the building fell. Most of the dead were construction workers who were staying in the building, the police officer said. The condition of at least 10 of the injured was serious.
Police said it was not immediately clear what caused the structure to collapse.They have arrested the builder and his associate.
Initial investigations have shown that the bus accident that has killed at least 37 in west India occurred because the bus driver may have lost control after falling asleep.
Nandkumar Thakur, additional superintendent of police, told indian newspaper Hindustan Times:
At least 37 people have been killed and 15 people injured after a packed overnight bus fell off a bridge in western India, according to local police.
The bus was carrying passengers from Goa to Mumbai in the early hours of today when it crashed through a guard rail and off the bridge in Ratnagiri district of Maharashtra.
The cause of the accident was not immediately clear.