Tata Sponge finishes acquisition of Usha Martin Ltd’s steel business

Tata Sponge finishes acquisition of Usha Martin Ltd’s steel business

Kolkata: Tata Steel’s subsidiary Tata Sponge Iron on Tuesday said it has completed the acquisition of steel business of debt-ridden Usha Martin Ltd (UML), though transfer of some assets including mines and certain land parcels is pending. “This is to inform you that the Company has completed the acquisition of steel business undertaking including captive power plants, today (Tuesday) i.e. on April 9, 2019, pursuant to a cash consideration (after adjustment for negative working capital and debt like items) payable to UML of ₹4,094 crore, which is subject to further hold backs of ₹640 crore, pending…

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‘Ease of doing biz’ is not ‘ease of making money’: Steel minister

‘Ease of doing biz’ is not ‘ease of making money’: Steel minister

Steel minister Chaudhary Birender Singh on Tuesday said India needs to raise per capita consumption of the commodity, while asking the industry to play ethical by differentiating between ‘ease of doing business’ and ‘ease of making money’. It is not just the duty of the government or the steel ministry in specific, each one has a role to play, he said at KATM conference on raw materials for steel and power here. He was speaking on the key role society has to play with regard to various issues be it…

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