The proceeds from the deal will be kept in an escrow account of SBI.

Usha Martin would stick to its wire rope business after exiting from steel.

Earlier, Usha Martin had said the sale of steel business to Tata Steel will help the company to significantly reduce its debt.

In October, Tata Steel had said TSIL will acquire Usha Martin for Rs 4,300-4,700 crore.

The company agreed to sell its steel division to Tata Steel for Rs 4,300-4,700 crore in September and the board approved the decision last ...

"We are confident that TSIL will run the assets in the way they deserve to be administered and enhance the legacy," Jhawar said in a statem...

The union has also urged the government that company should be acquired by the Tata Steel so that the future of the employees is secure.

Usha Martin is committed to ensure that all sale proceeds are first applied to repayment of existing lenders, which will exhaust almost all...

Usha Martin board had signed an agreement with Tata Steel on September 22 to sell the Kolkata-based company's steel and wire rope business ...

The deal is expected to be completed over the next two-three quarters.

Usha Martin founder Basant Jhawar and his son Prashant Jhawar in a statement said that there was no clarity on end-use of sale proceeds.

Tata Steel, in a release, said it has executed definitive agreements for acquisition of the steel business of UML through a slump sale on a...

Usha Martin will get paid for fixed assets, with the deal being structured on a zero working capital basis.

Jhawar has already met Tata Steel executives and is believed to have also contacted Sanjeev Gupta of the Liberty group last week.

Usha Martin aims to improve its production efficiencies and utilize its facilities to produce higher value steel products.

Usha Martin, a leading producer of specialty steels and a top global producer of wire ropes has reported a 18% rise in consolidated net pro...