Usha Martin hopes to close the sale of steel business to Tata in 3 months

At June end, Usha Martin's debt stood at Rs 47 billion. The residual debt on the Usha Martin balance sheet would be just working capital of Rs 3-4 billion

Usha Martin expects to close the sale of its steel business to Tata Steel over the next 2-3 months. The Rs 45.20 billion deal would be used to repay the entire debt of Usha Martin.

"There has been zero sacrifice from any lender. We are paying them the full principal and the company is ensuring that there is no haircut,"  Rajeev Jhawar, managing director, told shareholders at the extraordinary general meeting (EGM) where approval was sought for the deal.

At June end, Usha Martin's debt stood at Rs 47 billion. The residual debt on the Usha Martin balance sheet would