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Usha Martin secures shareholders’ approval to sell its steel unit to Tata Steel-The 20th China (Guangzhou)Int’l Fastener & Equipment Exhibition
11/12/2018 緊固件展-緊固件采購(gòu)會(huì)-國(guó)際緊固件展-fastener expo |
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Business Line reported that Usha Martin Ltd has secured shareholders’ approval to sell its steel unit to Tata Steel for approximately INR 4,600 crore. Usha Martin had on Saturday sought shareholders approval though an extra ordinary general meeting. A stock market notification by the company said that over 99 per cent of the shareholders have voted in favour selling the steel unit to Tata Steel on a slump sale basis.
According to Mr Rohit Nanda, CFO, Usha Martin, the deal is expected to be completed over the next few months. He told Business Line “Ideally, the sale should happen within the next two-four months. There are some approvals that are required from various government departments.”
Tata Steel, through its subsidiary Tata Sponge, will be acquire the Jamshedpur-based unit. Along with the sale of the steel unit, there will also be a transfer of the iron ore mine situated at Ghatkuri block, coal mine under development situated in the Brinda and Sisai districts, and captive power plants, all located in Jharkhand.
緊固件展-2019第二十屆廣州國(guó)際緊固件及設(shè)備展覽會(huì)-巨浪展覽
-The 20th China (Guangzhou)Int’l
Fastener & Equipment Exhibition
- Fastener exhibition,2019 Fastener
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