Tata-Usha Martin deal: Give more clarity on end use of funds, say Jhawars

Tata Steel had signed a definitive agreement with Usha Martin on Saturday for the acquisition of its steel business

Days after agreeing to sell its speciality steel business to Tata Steel, Basant-Prashant Jhawar faction of Usha Martin promoters on Monday sought further details from the board of the company on the utilisation of sale proceeds.

A statement issued by the father-son duo said: “Tatas are an excellent business house and their involvement in the steel business of Usha Martin will add value to the stakeholders and that the transaction with Tata Steel is an overall positive development. We are encouraged by Tatas signing a business agreement with the current management of Usha Martin Limited.”

The statement, however, said the