Tatas to acquire Usha Martin's steel business for up to Rs 47 billion

Transaction value is in the range of Rs 43-47 billion

Tata Steel has executed a definitive agreement for acquisition of Usha Martin's steel business through a slump sale on a going concern basis.

The amount of consideration for the transfer of business will be in the range of Rs 43 billion to Rs 47 billion, subject to adjustments, as per the signed agreements, the companies said on Saturday.

Apart from Tata Steel, four companies — JSW Steel, Kalyani, Vedanta and Liberty House — had evinced interest in Usha Martin's steel business. 

Tata Steel entered the agreement for sale on Saturday and the process is expected to be completed in the next six to