Several companies have signed non-disclosure agreements with Usha Martin Ltd for taking over its steel business, a company official said on Tuesday.
The interested firms include the likes of Vedanta, JSW, Liberty, Tata Steel and the Kalyani Group, MD Rajeev Jhawar told reporters after Usha Martin’s AGM here.
The company is engaged in the businesses of steel production and wire ropes.
Reeling under huge debt, Usha Martin had decided to hive-off its steel business in June this year after due diligence.
“By the end of this month, we are hoping to get offers from bidders,” Jhawar said.
He said reviving the company was a priority of the management, and it hopes to be in “dividend list” next year.
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