Five companies have joined the race to buy out the steel business of India’s Usha Martin Limited, company sources said on Wednesday, September 19.
Vedanta, JSW Limited, Liberty UK, Tata Steel and Kalyani Group have signed non-disclosure agreements with Usha Martin Limited to negotiate the buyout of the latter’s steelmaking assets, the sources said.
Firms bids are expected to be submitted by these five companies by the end of this month, the sources added.
Usha Martin Limited, the country’s largest wire rod producer put up its steelmaking assets for sale in June 2018 to reduce mounting debt burden of the company.
Usha Martin’s steelmaking assets include a one million mt per year steel mill, a captive iron ore mine and a 135 MW captive power plant.