Usha Martin, B3 Cable Solutions sign MoU for UM cables transfer

New Delhi, Nov 7 (UNI) Usha Martin Ltd today said it will sell shares of its subsidiary company, UM Cables, to the Manchester-based B3 Cable Solutions.

An MOU to this effect has been signed and the ownership changeover is expected to take effect early next year, a company statement said.

''The ownership change to a leading cable company of international repute creates a win win opportunity to allow growth of the cable business as well as enabling Usha Martin to concentrate on its core business of minerals,'' company's Joint Managing Director P Bhattacharya said.

U M Cables, with its modern manufacturing facility at Silvassa near Mumbai, is one of country's leading manufacturer of optical fibre and copper telecom cables, with a strong domestic and international customer base.

UNI