Usha Martin at its board meeting held on June 11, had decided to explore the sale of its steel business.

This is done with the objective of deleveraging the company. The Board has reconstituted the committee of independent directors of the company to appoint investment bankers, consultants and advisors to help evaluate proposals and oversee the process for sale of steel business of the company.

Moreover, the actual sale of the business will only be undertaken by the company after due consideration and by following due process of law by obtaining appropriate approvals from the board, regulators, shareholders and lenders.

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