Usha Martin has agreed to divest its entire stake of 50% held in ‘Dove Airlines’ (DAPL), a joint venture company at a consideration of Rs 8.10 crore subject to certain adjustments. Subsequent to such divestment, DAPL shall cease to be a joint venture of the company.
The necessary share purchase agreement for the above divestment has been signed by the company on November 09, 2015 and the transaction will be completed upon receipt of approval from DGCA, Government of India.
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.
