Tata Steel eye growth opportunities with acquisition of Usha Martin plant
Tata Steel NSE 0.64 % has said its definitive agreement to acquire Usha MartinNSE -3.40 %’s steel plant in Jamshedpur, is aligned to its stated intent to look at strategic growth opportunities in India.
Fresh from the latest acquisition which literally happened in its backyard, a Tata Steel official said: “It is an attractive investment as the cost of building this investment with time value of money would be much higher.” The location of the facility in Adityapur, near Jamshedpur, further reinforces our commitment to consolidate our presence in Jharkhand and to its industrialization and growth, he added.
This is the first major acquisition outside the NCLT process where it successfully bagged the five million tonne Bhushan SteelNSE -2.63 % in Odisha in April this year.
“Usha Martin’s product range enhances our portfolio with a focus on the high end automotive and engineering segment,” the official said.