Usha Martin (UML) has executed definitive agreements for sale of its steel business to Tata Steel or its subsidiaries (TSL) through a slump sale on a going concern basis for a consideration being in the range of Rs 4,300 crore - Rs 4,700 crore. The closing of this sale is subject to fulfilment of various conditions under the agreements, which are primarily regulatory, shareholders and the consent of our lenders.
The company and TSL shall jointly work towards fulfilment of various conditions precedent agreed in the definitive agreements and will work expeditiously to complete the closing.
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.
