Tata Sponge Iron acquires steel business of Usha Martin

Tata Sponge Iron Limited, a subsidiary of Tata Steel Limited, has acquired the steel business of Usha Martin Limited (UML), a company release said Tuesday.

"A meeting was organised today between the senior management of Tata Sponge and UML followed by a Town Hall meeting with all the officers of UML," the release said.

Addressing the gathering, Sanjay Pattnaik, Managing Director, Tata Sponge, welcomed the UML officers to Tata Sponge family.

He said: "It is indeed a moment of great pride for all of us in Tata Sponge that today Usha Martin has become an integral part of the Tata Steel Group. India is on the cusp of growth and it is a great opportunity for all players in the steel industry to leverage this growth opportunity. Usha Martin is an established wire rod producer with significant equity in the market place."