(Bloomberg) -- India’s Tata Steel Ltd. said financial support from the British government is needed soon so it can start turning its UK assets greener before they reach end-of-life.

Tata’s UK business is currently cash positive and able to operate as normal, according to T.V. Narendran, managing director at the Mumbai-based steelmaker. Within the next few years, however, they will need to be overhauled to reduce emissions, he said.

“We’ve been given the luxury of some time because the spreads have been good and our performance has been good,” Narendran said in an interview. “But we could reach a critical point in the next 24 months. So that’s why we need to take a call sooner than later. These assets will need investments in the next one or two years.”

The comments come after Chairman N. Chandrasekaran last week told the Financial Times that the Indian steel-maker may close sites, including Port Talbot, unless it receives £1.5 billion ($1.8 billion) from the UK government. Tata Steel had been in talks with the government for two years over funding the transition to greener production, the report said.

Tata Steel’s $1.8B Ask From UK Government Is Too Much: BNEF

Port Talbot is the UK’s biggest steelworks and employs some 4,000 people. The investment required would be “substantial” but lower than the figure of £3 billion reported in some media, Narendran said.

“Our UK business cannot generate the cash flows that are required to make the transition,” Narendran said. “So we will need some support from the government, which is again not an unusual request because multiple governments across the world are supporting industries making this transition.” 

After the UK government selects a new prime minister, the company will seek to conclude the funding talks, he said.

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