Usha Martin

Usha Siam Steel Industries Public Company Ltd, a subsidiary of Usha Martin in Thailand, signed an agreement to acquire a 50% stake in Tesac Usha Wirerope Company Ltd from Kobelco Wire Company Ltd for 74.45 million baht. The deal is expected to close by January 31, 2024.

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.

Tata Steel signed definitive agreements to acquire the steel business of Usha Martin Ltd, including a 1 mtpa alloy-based manufacturing capacity in Jamshedpur, an iron-ore mine, a coal mine and captive power plants. The cash consideration is between Rs 4,300-4,700 crore.