Usha Martin has received approval from board of directors to transfer/ sell leasehold land admeasuring about 10.11 acres, structure, plant & machinery, etc. (Sale Assets) located in Sriperumbudur at Tamil Nadu (Proposed Sale). The Proposed Sale is subject to execution of definitive documents, completion of customary closing conditions under the definitive documents and receipt of regulatory approvals, if any. It is proposed that a consideration of not less than Rs 32 crore shall be received from the sale of ‘Sale Assets’. The board of directors of Usha Martin at its meeting held on August 05, 2023, considered and approved the same.
Usha Martin is one of the world’s leading manufacturer of wire rope.
