The Competition Commission of India on Tuesday cleared Tata Sponge Iron’s acquisition of the steel business of Usha Martin for ₹4,300-4,700 crore. Tata Sponge Iron is a subsidiary of Tata Steel. Earlier, Usha Martin had said the sale of the steel business to the Tata Steel arm will help the company in “significant reduction” of its debt. With this clearance, the acquisition process will be speeded up. Shareholders of USL will closely monitor the development.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.