Usha Martin plans to sell steel biz, sets up committee to oversee process

Usha Martin was earlier looking to sell its wire and wire ropes business, but a change in market conditions prompted the company to look at the sale of the steel business

Usha Martin has decided to sell its steel business to help reduce debt.

The board inter alia reconstituted the committee of independent directors of the company to appoint investment banks, consultants and advisors to help evaluate proposals and oversee the process of sale of the steel business, the company informed the stock exchanges.

Managing Director Rajeev Jhawar recused himself from the committee, sources close to the development said. “The committee will advise on the roll-out of the sale process. Merchant bankers will be appointed to do a valuation of the steel business,” a source added.

Any actual sale of the business will be