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Home / Corporate Law News / Argus Partners advise Tata Steels’ winning bid for $633m of distressed Usha Martin steel assets, Khaitan on opposite

Argus Partners advise Tata Steels’ winning bid for $633m of distressed Usha Martin steel assets, Khaitan on opposite

September 25, 2018:

Tata Steel has signed a definitive agreement to buy the Steel Business of specialty steel and wire rope maker ‘Usha Martin’. Estimated valuation is Rs 4,600 crore.

Argus Partners
Argus Partners

Tata Steel had reportedly beaten rival bidders Vedanta, JSW Steel and Kalyani Steels to the steel assets of the distressed Kolkata-headquartered steel maker. The returns will be used to pay off creditors.

Argus Partners, in one of its largest corporate transaction till date, has advised Tata Steel, led by managing partner Krishnava Dutt, partners Adity Chaudhury and Arka Majumdar, and associates Ashish Patel, Riya Dutta, Juhi Roy, Shraddha Rakhecha, Deeya Ray, Prithwish Roy Chowdhury, Ayushi Jain, Arhat Chhabra, Debanik Bid and Kshitija Naik.

Khaitan & Co advised Usha Martin on the transaction, with a core transaction team of partner Haigreve Khaitan, partner Anuj Shah, associate partner Supratim Chakraborty, senior associate Prithwijit Gangopadhyay and senior associate Shourya Sengupta with assistance from principal associate Kinshuk Jhunjhunwala, associate Rohan Shrivastava, associate Aritri Roy Chowdhury, associate Sumantra Bose, associate Sneh Lata and associate Harshit Anand on due diligence, execution and other aspects of the transaction. Khaitan’s associate partner Shivanshu Thaplyal, associate Apurv Sharma and associate Harshita Khurana advised on mining aspects; associate partner Nawneet Vibhaw advised on environmental laws aspects; principal associate Rishav Dutt, Debdatta Ray Chaudhury (Junior Associate) advised on litigation aspects; associate partner Sagardeep Rathi and principal associate Anisha Chand advised on the competition aspects.

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