Usha Martin unit goes to Tata Steel as feuding promoters bury their hatchet temporarily
The faction led by Prashant Jhawar, the co-promoter and ousted chairman of Usha Martin with more than 25% shareholding, has decided to approve the deal at the upcoming meeting of the shareholders. Jhawar, however, is still critical of the current management headed by Rajeev Jhawar and may pursue the case he is currently fighting in the court.
The feuding promoters of Usha Martin have decided to bury their differences temporarily to allow the sale of the company’s steel plant to Tata Steel group company. Image source: Reuters