Tata Sponge Iron has completed the acquisition of steel business undertaking including captive power plants, on April 09, 2019, pursuant to a cash consideration (after adjustment for negative working capital and debt like items) payable to Usha Martin (UML) of Rs 4,094 crore, which is subject to further hold backs of Rs 640 crore, pending transfer of some of the assets including mines and certain land parcels.
Earlier, the company had received board of directors’ approval to acquire the steel business undertaking of UML through a slump sale on a going concern basis.
Tata Sponge Iron is engaged in business of manufacturing high-grade sponge iron that is consistent quality. The company also in the business segment of Power, Sponge Iron.
