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Usha Martin to seek shareholders' approval for sale of steel biz to Tatas

Press Trust of India/New Delhi 10 Oct 18 | 05:06 PM

Photo: Reuters

Usha Martin Ltd (UML) Wednesday said it will seek shareholders' approval on November 10 with regard to the sale of its steel business to Tata Steel.

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The approval will be sought through special business in the extraordinary general meeting next month.

"An extraordinary general meeting of the members of UML will be held... on November 10, 2018 to transact of the steel business undertaking of the company to Tata Steel as a going concern on a slump sale basis," UML said in a notice to the shareholders.

Tata Steel earlier said it has executed definitive agreements for the acquisition of UML's steel business for Rs 43-47 billion  through a slump sale on a going concern basis.

ALSO READ: Usha Martin management proposes escrow on steel biz sale proceeds

As per UML, the sale of its steel business to Tata Steel will help the company to significantly reduce its debt.

UML's steel business comprises the specialised 1 million tonne per annum (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, Tata Steel said.

ALSO READ: Tata Steel likely to invest Rs 3-4 bn in Usha Martin in FY20: Report

It is amongst the largest wire rope manufacturers in the world and a leading speciality steel producer in India.

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