REG - Tata Steel Limited - Update on the acquisition of Usha Martin Limited

TATA SteelAnnouncement

24/10/2018 16:45

RNS Number : 0930F
Tata Steel Limited
24 October 2018
 


October 24, 2018
London Stock Exchange
London
 
Dear Madam, Sirs,
 
We refer to our disclosure dated September 22, 2018, wherein the Company had informed that it has executed definitive agreements for acquisition of the steel business of Usha Martin Limited ('UML') through a Slump Sale on a going concern basis ("Acquisition"). The disclosure also mentioned that Tata Steel or any of its subsidiaries or affiliates may carry out this acquisition.
 
In continuation to the above disclosure, we hereby inform you that, Tata Sponge Iron Limited ('Tata Sponge'), a subsidiary of the Company, will now carry out the Acquisition. Consequently, definitive agreements signed between Tata Steel and UML in relation to the Acquisition shall be adapted accordingly. The closing of the Acquisition remains subject to execution of definitive agreements between Tata Sponge & UML and fulfilment of various conditions under the said agreements, including regulatory approvals required for the transfer of the steel business.
 
The press release titled "Tata Steel announces support for Tata Sponge's entry into steel business and identifies it as the strategic vehicle for acquisition of steel business of Usha Martin Limited" is enclosed. 
 
This disclosure is being made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
 
http://www.rns-pdf.londonstockexchange.com/rns/0930F_1-2018-10-24.pdf
 
 
This is for your information and records.
 
Thanking you
 
 
 




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