India-based Usha Martin Limited will sell off its one million mt per year steel mill located in Jamshedpur in the eastern Indian state of Jharkhand, company sources said on Tuesday, June 12.
The board of directors of Usha Martin Limited on Monday approved the sale of its steel mill and appointed a committee of independent directors to evaluate proposals from prospective buyers and to appoint advisors and merchant bankers to oversee the sale of the plant, the sources added.
The sale of the steel mill is part of Usha Martin's plans to reduce its debt and it had earlier last year initiated the process of the sale of its wire rod division also located at Jamshedpur.
Although it could not be officially confirmed, industry sources said that Indian steelmakers Tata Steel and JSW Limited are keen to put in bids to secure Usha Martin’s steel mill asset.