Usha Martin update on sale of steel business to Tata Sponge Iron

Usha Martin announced that the company has completed at the close of business on 3 July 2019 the transfer of the operative iron-ore mine and coal mine under development to Tata Sponge Iron.

The company had entered into business transfer agreement on 22 September 2018 for sale of company's steel business undertaking ("Steel Business") inter alia which includes specialized steel manufacturing plant, an operative iron ore mine, a coal mine under development and captive power plants, through a slump sale on a going concern basis to Tata Sponge Iron.

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