Tata Sponge Iron Limited a subsidiary company of Tata Steel Limited has completed the acquisition of steel business of Usha Martin.
The meeting was organised yesterday between the senior managers of both the companies.
Tata Sponge has an installed capacity of 390,000 TPA of sponge iron and operates at 112% of its rated capacity and generates 26 MW of power through waste heat recovery technology.
However prior this, last year in Sept’18 a conclusive deal was signed by Tata Steel and Usha Martin with the motive to acquire their steel business.
Post acquisition Usha Martin’s 1 MnTPA alloy based long production facility at Jamshedpur, a functional iron mine, an under development coal mine and captive power plants will now be a part of Tata Sponge Iron Limited.
Addressing the gathering, Mr. Sanjay Pattnaik, Managing Director, Tata Sponge, welcomed the UML officers to Tata Sponge family and said: “India is on the cusp of growth and it is a great opportunity for all players in the steel industry to leverage this growth opportunity. Usha Martin is an established wire rod producer with significant equity in the market place and meaningfully contribute towards a sustainable future of Tata Sponge as a new extended enterprise”.
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