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 ...

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 acquisition of tonnes of steel capacity would include a captive 2.5 mtpa iron ore mine

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.

The meeting was called at the behest of State Bank of India (SBI), our largest lender, with a resolution seeking the removal of Prashant Jh...

The economy is picking up and demand from both auto and infrastructure sector is seen growing. That will help our steel business, Rajeev Jh...

We think that the promoters are not working in the interest of the company," said an SBI official.

Over the past two quarters, Usha Martin has witnessed a reasonable sales growth, but higher cost of raw materials has impacted its profitab...