Usha Martin rallies after bidders express interest in buying co's steel biz

Shares of Usha Martin jumped nearly 9 per cent in the intraday trade on Wednesday after reports said 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