Argus, Khaitan act on Tata Steel acquisition of Usha Martin for up to 4,700 crore

Argus, Khaitan act on Tata Steel acquisition of Usha Martin for up to 4,700 crore

Tata Steel is acquiring the steel business of Kolkata-based steel and wire rope maker Usha Martin Ltd for Rs 4,300-4,700 crore.

The transaction, which is Tata Steel’s first major acquisition outside the National Company Law Tribunal process where it bagged Bhushan Steel earlier this year, involves Usha Martin’s one million tonne specialty steel plant in Jamshedpur that makes alloy-based long products, reported ET.

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.

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