Usha Martin has completed disinvestment of its entire stake of 50% held in 'Dove Airlines' (DAPL), a joint venture company. Accordingly, DAPL has ceased to be a Joint Venture of the company with effect from August 04, 2016.
The divestment has been completed and closed upon receipt of the consideration amount as per the Share Purchase Agreement and necessary statutory clearances. Last year in November, the company had agreed to divest its entire stake of 50% held in DAPL at a consideration of Rs 8.10 crore subject to certain adjustments.
Usha Martin is amongst the largest wire rope manufacturer in the world and a leading speciality steel producer in India. The wire rope manufacturing facilities located in India, UK, UAE, and Thailand produce one of the widest range of wire ropes in the world.