Tata Sponge to acquire Usha Martin's steel business

Tata Sponge Iron Limited, a subsidiary of Tata Steel, will acquire the steel business of Usha Martin Limited via a slump sale, including a 1 million tonne per annum alloy steel plant in Jamshedpur, an iron-ore mine, a coal mine, and captive power plants.

“The board of Tata Sponge after having evaluated independently the asset perimeter, financial forecasts, synergies, prospects and the risks of the proposed acquisition along with the possible funding options, has on October 24, 2018 resolved that it will seek to acquire the business through a slump s”steel-technology.com

• 1 source
• steel-technology.comOct 26, 2018

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