Sale of steel business: Usha Martin board may discuss Tata, JSW offers

Usha Martin was actively looking at selling its wire and wire ropes business but a change in market conditions for the steel sector prompted it to look at the sale of that business

Usha Martin is likely to discuss offers from Tata Steel and JSW Steel for its steel business during its board meeting on Monday.

The company had reached out to steel players a little over a month ago, after which discussions were opened. The board meeting is likely on June 11, sources said.

Evaluating strategic options for growth is an ongoing process in the company, Tata Steel said. The company clarified to the stock exchanges it had not submitted any bid to acquire Usha Martin's steel business. 

"The company is, from time to time, involved in discussions on various strategic matters