Usha Martin has received shareholders’ approval to sell its steel business to Tata Steel as a going concern on a slump sale basis. The sale of its steel business to Tata Steel will help the company significantly reduce its debt.
Earlier, Tata Steel has executed definitive agreements for the acquisition of Usha Martin’s steel business for Rs 4,300-4,700 crore through a slump sale on a going concern basis.
Usha Martin is amongst the largest wire rope manufacturer in the world and a leading speciality steel producer in India. The wire rope manufacturing facilities located in India, UK, UAE, and Thailand produce one of the widest range of wire ropes in the world.