Kolkata Sep 22 (IANS) Tata Steel Limited (TSL) on Saturday said it has executed definitive agreements for acquisition of the steel business of debt-ridden Usha Martin through a slump sale on a going concern basis for a cash consideration between Rs 4 300-4 700 crore.
"...it has executed definitive agreements for acquisition of the steel business of Usha Martin Limited (UML) through a slump sale on a going concern basis " the steel maker said in a regulatory filing.
The filing further said: "It is proposed that the steel business of UML will be acquired subject to transaction closing for a cash consideration of between Rs 4 300-4 700 crore (subject to various transaction adjustments)."
The transaction comprises of one mtpa specialised alloy based manufacturing capacity of UML in long products segment based in Jamshedpur a producing iron-ore mine a coal mine under development and captive power plants.
The acquisition is expected to be completed in the next 6-9 months.
The steel producer said the closing of the acquisition is subject to fulfilment of various conditions under the agreements.

--IANS bdc/mag/