Usha Martin-Tata Steel deal: Basant-Prashant Jhawar may sell majority stake

Basant and Prashant Jhawar had been pressing for the sale of the entire company, even while discussion with Tata Steel was on for transfer of the steel business

Basant and Prashant Jhawar, one half of the differing promoter group in Usha Martin, could sell majority shares of the company, sources said.

The father-son duo has 25.5 per cent of the Usha Martin equity. So does the other group, of Brij and Rajeev Jhawar.

It appears Basant and Prashant have evinced interest in selling 19.9 per cent to Tata Steel, which says it has no comment to offer on this subject. Sources close to Prashant Jhawar say this is only a rumour.

The two factions have been at odds for a while. A bone of contention is the shareholder