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5 firms interested in steel business of Usha Martin- The 20th China (Guangzhou) Int’l Plate metal, Bar, wire, Metal Processing &Setting Equipment Exhibition
9/19/2018 金属板材展-棒材-线材展 -plate metal expo-wire expo |
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Business Line reported that Tata Steel, Vedanta, JSW Steel, Liberty House and Kalyani Steel have evinced interest in taking over the integrated steel-making facility of Kolkata-headquartered Usha Martin. According to Rajeev Jhawar, Managing Director, Usha Martin, five companies have so far responded to the offer for sale and entered into non-disclosure agreements. He told “The process of due diligence is on. Hopefully, within this month, we should receive offers.”
The sale process is being overseen by a committee of independent directors, and SBI Caps has been appointed the investment banker. The price bids are expected by this month end.
The company’s steel unit at Jamshedpur in Jharkhand at present has a production capacity of one million tonnes. During FY18, the steel business registered a revenue of INR 2,626 crore and accounted for nearly 55 per cent of the company’s consolidated turnover, which stood at INR 4,768 crore. The wire and wire rope business, which earned a revenue of INR1,512 crore during FY18, accounts for nearly 32 per cent of the company’s consolidated turnover. As of March 31, 2018, Usha Martin’s total debt stood at INR 4,600 crore. The company repaid close to INR 540 crore in FY18, and is looking to repay INR 320 crore this fiscal.
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