Tata Steel's decision was made at Tuesday's board meeting in Mumbai, BBC said. (http://bbc.in/1ZJiJNW)
Britain's steel industry has been struggling since European Union steel prices hit their lowest since 2004.
Earlier in January, Tata Steel said it would cut 1,050 UK jobs including 750 jobs at Port-Talbot-based operations in Wales.
About 4,000 British steel jobs were lost in October 2015 alone, equivalent to about a fifth of the sector's workforce.