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Usha Martin plans to sell steel business

Press Trust of India  |  New Delhi 

wire maker today said it is planning to sell its business and has set up a committee to evaluate proposals in this regard.

"The Board of Directors at its meeting held today has decided to explore the sale of its business in order to achieve the objective of deleveraging the company," said in a regulatory filing.

For this, the company said, its board has also reconstituted the committee of Independent Directors to appoint investment banks, consultants and to help evaluate proposals and oversee the process for the sale of its steel business.

However, "any actual sale of the business will only be undertaken by the company after due consideration and by following due process of law by obtaining appropriate approvals from the board, regulators, shareholders and lenders, as applicable," the company said.

This is not the first time the company has made an announcement related to plans for selling its steel business.

Last year in September, had said it is contemplating to sell its wire rope or steel business for which it has appointed a also.

"We have hired a which will prepare a roadmap for the company. Selling off one of two divisions (steel and wire rope) is also contemplated," of Usha Martin Rajeev Jhawar had told reporters earlier.

According to the company's website, Usha Martin is among the largest in the world and a in

The located in India, UK, UAE, and produce one of the widest range of wire ropes in the world.

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

First Published: Mon, June 11 2018. 18:50 IST