India: Tata Steel to acquire Usha Martin’s business for up $650m

India: Tata Steel to acquire Usha Martin’s business for up $650m

Tata logos are seen at their flagship showroom before the announcement of their Q3 results in Mumbai February 14, 2013. REUTERS/Vivek Prakash/Files

Tata Steel Ltd on Saturday announced that it has executed definitive agreement to acquire the steel business of Usha Martin Ltd (UML) for a cash consideration of Rs 4,300-4,700 crore ($595-650 million).

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