On 24 October 2018
The Board of Tata Sponge has on 24 October 2018 resolved the it will seek to acquire the steel business of Usha Martin through a slump sale process and has accordingly executed a novation agreement with Tata Steel and Usha Martin (UML). The steel business undertaking of UML inter-alia comprises of a specialised 1.0 MPTA alloy based manufacturing capacity in long products segment based in Jamshedpur, a producing iron-ore mine, a coal mine under development and captive power plants.Powered by Capital Market - Live News
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