Speciality steel maker Usha Martin on Monday said its board has decided to explore the sale of its steel business to help deleverage the company.
"...the board of directors of the company at its meeting held today (Monday) has decided to explore the sale of its steel business in order to achieve the objective of deleveraging the company," it said in a regulatory filing.
Its board reconstituted a committee of independent directors to appoint investment banks, consultants and advisors to help "evaluate proposals and oversee the process for sale of steel business".
The steel producer also said any actual sale of the business would only be undertaken by it after due consideration and by following due process of law by obtaining appropriate approvals from the board, regulators, shareholders and lenders.
However, lenders led by the State Bank of India, had in April last year pushed the board of directors of the company to remove Prashant Jhawar from the post of non-executive chairman.
The board had, subsequently, appointed G.N. Bajpai as the non-executive chairman of the firm.
--IANS
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