India's Tata Steel said Friday it had entered discussions with industry players including Germany's ThyssenKrupp over a possible joint venture for its European operations, as a potential alternative to selling off the UK business.

"Tata Steel has now entered into discussions with strategic players in the steel industry, including ThyssenKrupp AG. Discussions have been initiated to explore the feasibility of strategic collaborations through a potential joint venture," it said in a statement.