Tata Metaliks wins Usha Ispat auction
Indian foundry grade
pig iron producer Tata Metaliks won an auction held for the sale of Usha Ispat (UIL) assets, a
pig iron producer located at Redi, Maharashtra.
Tata will be the second-largest merchant
pig iron producer in
India once the acquisition is completed.
Tata Metaliks indicated that its bid was the highest bid at the auction conducted by the Stressed Assets Stabilisation Fund (SASF) of the Industrial Development Bank of
India; however, the company did not disclose the amount of the bid.
Usha Ispat, which has three mini-blast furnaces, produces 316,500 tons of
pig iron annually.