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Prashant Jhawar hails Usha Martin sale to Tata Steel

Press Trust of India  |  Ranchi 

Prashant Jhawar, former of Usha Martin, on Monday hailed Tata Steel's purchase of its and rope business, saying the acquisition will be beneficial to all stakeholders of the beleaguered firm.

had recently said its subsidiary Tata Sponge Iron will acquire the two units of for Rs 4,300-4,700 crore.

"The unit has gone to good hands. My belief is that the unit after the takeover by Tata Sponge will see much growth," Jhawar told a press conference here.

He said the acquisition will benefit every stakeholder -- staff, contractors, suppliers, customers and bankers.

Asked why the units had to come up for sale, Jhawar said that loan on the company was more than its turnover.

Usha Martin, which also runs a university with 500 students, will function within a new campus across 30 acres at Angara in Ranchi from the 2019 session, Jhawar said.

"In the first phase, there will be 3,000 students with hostel facility for 1,500 students... In 10 years, we expect 10,000 students and hope it becomes a centre of excellence," he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 03 2018. 20:35 IST