JCT entertains Usha Martin offer

JCT entertains Usha Martin offer

India's JCT Ltd's board accepted an offer from Usha Martin Ltd on February 7, 2005, in regards to acquiring the rights to JCT's steel division located at Hoshiarpur, Punjab. It is thought that the transfer of the division producing steel wire rods and wire products will be realized by March, 31, 2005, for nearly Rupees 250 million (around $6 million). Shareholders and Indian authorities must first approve the transfer, however.