Tata Sponge Iron is in the limelight today; the stock price going up 3% to Rs.769. This jump up comes today after a long spate of hitting new lows almost every single day.
The Competition Commission has cleared Tata Sponge Iron’s acquisition of steel business of Usha Martin for Rs 4,300-4,700 crore. This spells good tidings for Tata Sponge as this acquisition will mark its entry into steel business.
With this, Tata Sponge will now have specialised 1 mtpa alloy based manufacturing capacity in long product, a producing iron-ore mine, a coal mine under development and captive power plants.