Tata Steel buys Usha Martin’s Steel division for Rs 6,600 crore. The business transfer agreement regarding the purchase is executed today. Tata Steel buys MTPA Plant, whether wire rope division stays with Usha Martin.
Earlier five companies have shown interest in buying Usha Martin’s Steel business. JSW Steel, Tata Steel, Liberty House, Kalyani, and Vedanta were the five who signed the non-disclosure agreement (NDA).
The process started in June, when Usha Martin’s board approved the sale of the steel business, in order to reduce debt. Usha Martin was also looking to sell the wire and ropes business earlier. However the later remains with the Usha Martin.