Tata Steel is set to buy Usha Martin's steel unit.
Tata Steel on Saturday said it will acquire Usha Martin's steel unit, but did not specify the deal amount.
Shares of Usha Martin closed in on 52-week high of Rs 36.40. But the stock cooled off soon after.
Sources told Moneycontrol that the deal could be pegged at around Rs 4,600 crore.
"The closing of the acquisition is subject to fulfilment of various conditions under the agreements. The parties shall jointly work towards fulfilment of conditions precedent," Tata Steel said in a statement.
Usha Martin's steel business includes a manufacturing unit in Jamshedpur, a producing iron-ore mine, a coal mine under development and captive power plants.At 09:19 hrs, Tata Steel was quoting at Rs 619.05, down 0.88 percent from the previous close.The Great Diwali Discount!
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