News about Usha Martin Limited - National Stock Exchange of India Limited

November 14, 2006

The media had reports that Usha Martin Limited is close to acquiring a steel bright bar unit in UK.

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.

Usha Martin Limited has vide its letter inter-alia stated, "The Company has shared information about its growth plan, including increase in capacities of various products, at a total cost of over Rs.1200 crores. As a part of these expansion plans, the Company is looking for various possibilities through organic as well as inorganic routes including acquisition of capacities at different locations, such as USA, UK, Middle East, South East Asia, etc. As regards the subject news, the same was not informed by the Company sources. We may state that no such decision has been taken and we shall keep the Exchange informed of any such development as and when the same takes place."

Source: National Stock Exchange of India Limited

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