Business Daily from THE HINDU group of publications
Thursday, Nov 08, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Nov 08, 2007 ePaper | Mobile/PDA Version |
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Corporate
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Restructuring Usha Martin to sell subsidiary to UK company Our Bureau Kolkata, Nov. 7 Usha Martin Ltd has announced that the company has decided to sell the entire equity in its subsidiary company, UM Cables, to the Manchester-based B3 Cable Solutions. A memorandum of understanding to this effect has been signed and the ownership changeover is expected to take effect early next year, subject to due diligence and necessary approvals. According to a company release, UM Cables, with its manufacturing facility at Silvasa near Mumbai, is a manufacturer of optical fibre and copper telecom cables. The company has its customer base both in India and abroad. The acquisition is expected to help B3 Cable Solutions to strategically position itself in the optical fibre cable business globally. B3 Cable Solutions, which has its manufacturing facilities in the UK and Ireland, is among Europe’s largest producer of copper cables. According to a Usha Martin spokesperson, the ownership change “to a leading cable company of international repute creates a win-win opportunity to allow growth of the cable business as well as enabling Usha Martin to concentrate on its core business of minerals, speciality steel and wire rope”. More Stories on : Restructuring | Steel | Telecommunications
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