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Tata Steel inks agreement to acquire steel business of Usha Martin

24 Sep 2018 Evaluate

Tata Steel has executed definitive agreements for acquisition of the steel business of Usha Martin (UML) through a Slump Sale on a going concern basis. The parties shall jointly work towards fulfilment of conditions precedent which are largely regulatory approvals required for the transfer of the business undertaking.

The steel business undertaking of UML inter-alia comprises of a specialized 1.0 mtpa alloy based manufacturing capacity in long products segment based in Jamshedpur, a producing iron-ore mine, a coal mine under development and captive power plants. The acquisition is part of the overall strategy to build capability in long products and expand product offerings including high-value added products.

Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.

Tata Steel Share Price

211.40 -0.65 (-0.31%)
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