Board of Tata Sponge Iron seeks to acquire steel business of Usha Martin

On 24 October 2018

The Board of Tata Sponge has on 24 October 2018 resolved the it will seek to acquire the steel business of Usha Martin through a slump sale process and has accordingly executed a novation agreement with Tata Steel and Usha Martin (UML). The steel business undertaking of UML inter-alia comprises of a specialised 1.0 MPTA 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.

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