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Usha Martin Shareholders OK Tata Sale
11/12/2018 - Shareholders of Indian wire rope manufacturer Usha Martin Ltd. have signed off on Tata Steel’s planned acquisition of the business, The Hindu Business Line newspaper reports.
According to the newspaper, shareholders overwhelmingly approved the acquisition, which is to be completed sometime in the next few months. Usha Martin will use proceeds to pay down debt.
Tata announced the acquisition in September. The sale would give it control of Usha Martin’s 1-million-metric ton, alloy-based steel plant, an iron ore mine, a planned coal mine and captive power plants.
