Tata Steel Limited (Tata Steel) had announced the execution of definitive agreements for the acquisition of the steel business of Usha Martin Limited (UML) by itself or any of its subsidiaries or affiliates. The Board of TSIL evaluated independently the asset perimeter, financial forecasts, synergies, prospects and the risks of the proposed acquisition, found that it was a strategic fit with its long-term goals, and has on 24th October resolved, that it will seek to acquire the business through a slump sale process and has accordingly executed a novation agreement with Tata Steel and UML to acquire the steel business of UML. The business being acquired inter-alia comprises of a specialised ~1.0 mtpa alloy based manufacturing capacity in long products segment based in Jamshedpur, a producing iron-ore mine, a coal mine under development and captive power plants. UML’s steel business has a rich product mix of carbon steel & alloy steel category which caters to automotive customers as well as produces high-end wire rods. The closing of the acquisition remains subject to fulfilment of various conditions under the agreements. UML and