Khaitan & Co advised Usha Martin Limited in the sale of its steel business through a slump sale on a going concern basis along with its coal and iron ore mines (subject to certain regulatory approvals) to Tata Steel Limited.

The Steel Business inter alia includes a specialized steel alloy manufacturing plant, a producing iron ore mine, a coal mine under development and captive power plants.

The transaction is one of the largest M&A deals outside the NCLT process this year.

Usha Martin Limited, together with its subsidiaries, manufactures and sells specialty and value-added steel products in India and internationally.

The Core Transaction Team comprised of : Haigreve Khaitan (Partner), Anuj Shah (Partner), Supratim Chakraborty (Associate Partner), Prithwijit Gangopadhyay (Senior Associate) and Shourya Sengupta (Senior Associate) with assistance from Kinshuk Jhunjhunwala (Principal Associate), Rohan Shrivastava (Associate), Aritri Roy Chowdhury (Associate), Sumantra Bose (Associate), Sneh Lata (Associate) and Harshit Anand (Junior Associate) on due diligence, execution and other aspects of the transaction.

Shivanshu Thaplyal (Associate Partner), Apurv Sharma (Associate) and Harshita Khurana (Associate) advised on Mining aspects

Nawneet Vibhaw (Associate Partner) advised on Environment aspects

Rishav Dutt (Principal Associate), Debdatta Ray Chaudhury (Junior Associate) advised on Litigation aspects

Sagardeep Rathi (Associate Partner) and Anisha Chand (Principal Associate) advised on the Competition Law aspects