ED attaches Usha Martin assets worth Rs 190 cr over illegal iron ore sales

Mineral sold was meant for firm's captive use; attached properties pertain to Usha Martin's wire rope business, mines were transferred earlier to Tata Steel as part of steel biz sold

The Enforcement Directorate (ED), Patna, has provisionally attached immovable properties of Usha Martin valued at around Rs 190 crore.

The order passed against the company is in connection with the sale of iron ore extracted from the mines in Ghatkuri, West Singhbhum, Jharkhand, allotted for captive use for the company.

The immovable properties pertain to Usha Martin's wire rope business. The mines however have been transferred to Tata Steel as part of the steel business sold earlier.

Usha Martin managing director, Rajeev Jhawar, said that any liabilities that arise from the conclusion of the case would be on Usha Martin not Tata Steel.

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