Usha Martin has completed the sale of its steel business to Tata Sponge Iron (TSIL). Sale consideration for steel business Rs 4,525 crore reduced by estimated Net Working Capital on the closing date on April 09, 2019 and certain holdback amounts for the assets not transferred was discharged by TSIL in an Escrow account maintained with State Bank 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.
