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Tata Steel to take possession of Usha Martin unit

Advait Dharmadhikari 0 2069 Article rating: 2.5

Tata Steel will take possession of Usha Martin’s Jamshedpur steel unit on Tuesday. This is Tata Steel’s second acquisition within a year after its takeover of Bhushan Steel via the NCLT process in April 2018. Tata Sponge will serve as the vehicle for the acquisition of the one million tonne steel business for which it issued preference shares to Tata Steel. The deal was signed in September last year for a consideration of Rs. 4,600 crore.

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