Usha Martin Ltd. (UML) has decided to sell the entire equity in its subsidiary company, UM Cables, to the Manchester-based B3 Cable Solutions. A memorandum of understanding (MoU) to this effect has been signed and the ownership changeover is expected to take effect early next year, subject to due-diligence and necessary approvals. UM Cables, with its modern manufacturing facility at Silvassa near Mumbai, is among India’s leading manufacturers of optical fibre and copper telecom cables, with a strong domestic and international customer base.
P. Bhattacharya, Joint Managing Director, UML, said the ownership change would allow the company to concentrate on its core business of minerals, speciality steel and wire rope, while creating good opportunity for the cable business. This acquisition will help B3 to strategically position itself in the resurgent optical fibre cable business and also in the fast growing Asian region.
B3 Cable Solutions, with manufacturing units in the U.K. and Ireland, is among Europe’s largest producers of copper cables. It works in partnership with its customers and stakeholders to deliver cost-effective supply and logistic solutions that are tailored to the needs of individual customers. Usha Martin which makes wire ropes mainly, has manufacturing facilities at Ranchi, Jamshedpur, Hoshiarpur, U.K., Thailand, UAE and the U.S.
Source: The Hindu