Tata Expands Capacity With Usha Martin Acquisition
09/24/2018 - Indian wire rope manufacturer Usha Martin Ltd. is divesting its special steel plant and other upstream assets to Tata Steel for the equivalent of between US$589.6 million and US$644.5 million, the company has announced.
In a statement, Tata said it is acquiring Usha Martin's 1-million-metric-ton long products plant, an active iron ore mine, a coal mine that is being developed and captive power plants.
“The acquisition is part of the overall strategy to build capability in long products and expand product offerings, including high-value-added products,” Tata said in a statement.
Usha Martin said it will use proceeds to pay down debt.
The cash deal is to close in six to nine months.
“The acquisition is part of the overall strategy to build capability in long products and expand product offerings, including high-value-added products,” Tata said in a statement.
Usha Martin said it will use proceeds to pay down debt.
The cash deal is to close in six to nine months.
