Steel wire maker Usha Martin today said it is planning to sell its steel business and has set up a committee to evaluate proposals in this regard.
"The Board of Directors at its meeting held today has decided to explore the sale of its steel business in order to achieve the objective of deleveraging the company," Usha Martin said in a regulatory filing.
For this, the company said, its board has also reconstituted the committee of Independent Directors to appoint investment banks, consultants and advisors to help evaluate proposals and oversee the process for the sale of its steel business.
However, "any actual sale of the business will only be undertaken by the company after due consideration and by following due process of law by obtaining appropriate approvals from the board, regulators, shareholders and lenders, as applicable," the company said.
This is not the first time the company has made an announcement related to plans for selling its steel business.
Last year in September, Usha Martin had said it is contemplating to sell its wire rope or steel business for which it has appointed a consultant also.
"We have hired a consultant which will prepare a roadmap for the company. Selling off one of two divisions (steel and wire rope) is also contemplated," Managing Director of Usha Martin Rajeev Jhawar had told reporters earlier.
According to the company's website, Usha Martin is among the largest wire rope manufacturer in the world and a leading speciality steel producer in India.
The wire rope manufacturing facilities located in India, UK, UAE, and Thailand produce one of the widest range of wire ropes in the world.
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