September 24, 2018:
Tata Steel is in process of acquiring the Steel business of Kolkata-based Steel & Wire rope maker 'Usha Martin Ltd.' for Rs 4,300-4,700 crore.
This is Tata Steel’s first major acquisition outside the National Company Law Tribunal process where it bagged 'Bhushan Steel' earlier this year.
The transaction involves Usha Martin’s one million tonne specialty Steel Plant in Jamshedpur that makes alloy-based long products.
Argus Partners advised Tata Steel.
The team included Managing Partner Krishnava Dutt, along with Partners Adity Chaudhury and Arka Majumdar along with 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 and the team was led by Partners Haigreve Khaitan and Anuj Shah and Associate Partner Supratim Chakraborty.
The sale of Steel Business to Tata Steel will help the company in “significant reduction” of its debt.
Picture Source :
Source: Legally India
