Tata Steel Ltd has executed definitive agreement to acquire the steel business of Usha Martin Ltd (UML) for a cash consideration of Rs.4,300-4,700 crore ($595-650 million). Tata Steel or any of its subsidiaries or affiliates may carry out this acquisition. The transaction comprises of the proposed acquisition of steel business undertaking of UML through slump sale on a going concern basis.
Tata Steel to acquire Usha Martin’s business for up $650 million
Date posted: Monday 24 September 2018