From JSW to Liberty House, five bidders for Usha Martin's steel business

Usha Martin has a one-million tonne a year unit at Jamshedpur

Five companies have expressed interest in buying Usha Martin’s steel business.

The five — JSW Steel, Tata Steel, Liberty House, Kalyani and Vedanta — have signed non-disclosure agreements (NDAs) in this regard, while they do their due-diligence. Once the offers are made, it would be evaluated by an independent committee set up by Usha Martin’s board of directors. 

Rajeev Jhawar, managing director at Usha Martin, told shareholders at the company's annual general meeting that the entire process might take some time. Once the offers were received, he said, the board would evaluate whether the remaining business was sustainable before taking