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The Competition Commission of India on Tuesday cleared Tata Sponge Iron’s acquisition of the steel business of Usha Martin for ₹4,300-4,700 crore. Tata Sponge Iron is a subsidiary of Tata Steel. Earlier, Usha Martin had said the sale of the steel business to the Tata Steel arm will help the company in “significant reduction” of its debt. With this clearance, the acquisition process will be speeded up. Shareholders of USL will closely monitor the development.
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