Usha Martin aims to sell its steel business by FY19 to pare debt

Usha Martin hopes to sell its steel business within the end of this financial year despite the arm posting a rebound in both revenue and profitability in the first quarter of FY19. 

The company recently appointed a committee of independent directors to recommend proposals from interested buyers.

Sources said at least five companies have evinced interest to buy the steel assets.

The company, which also makes wire ropes, posted 18.40 per cent increase in revenue at Rs 10.48 billion and a gross profit of Rs 1.13 billion from the steel business in the quarter ended June. In the first quarter of the last