Usha Martin Limited Signed Definitive Agreements for Sale of Steel Business to Tata Steel Limited

Deepthi | Myequity news | Date : 21-09-2018 19:20:00 IST

Usha Martin Limited executed definitive agreements for sale of its steel business toTata Steel Limited or its subsidiaries (“TSL”) through a slump sale on a going concern basis for a consideration being in the range of Rs.4300 crores – Rs. 4700 crores.

The closing of the acquisition is subject to fulfilment of various conditions under the agreements. At the closing, Tata Steel or any of its subsidiaries or affiliates may carry out this acquisition. All the employees pertaining to the steel business will transfer as part of the acquisition. SBI Capital Markets and Arpwood Capital acted as the financial advisors to Usha Martin Limited and Khaitan & Co. acted as the exclusive legal advisor.

About Tata Steel:

Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 27.5 million tonnes per annum (MTPA) as on March 31, 2018. It is one of the world's most geographically-diversified steel producers, with operations in 26 countries and a commercial presence in over 50 countries.

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