Usha Martin has executed a term sheet with JCT Ltd for acquiring the steel division of JCT located at Hoshiarpur, Punjab.According to a release issued to the BSE today, JCT's steel division is engaged in the business of manufacture and sale of steel wire rope and wire products."The consideration for the transfer is estimated at Rs 21 crore for fixed assets and net current assets, which will be subject to actuals as on date of completion and as ascertained during the due diligence," the release added.The deal is expected to be completed by March 31, 2005, the release added.
