The board and management of Usha Martin are fully committed to sale of its steel business to repay its debt, the company said in an official statement on Tuesday.The concerns highlighted by Mr Basant Kumar Jhawar and Shri Prashant Jhawar regarding any diversion of funds received from Tata Steel (or its subsidiary) towards purchase consideration for purchase of steel division of UML is unfounded. We would like to clarify that UML will primarily use the entire consideration received as part of this sale to discharge liabilities of our lenders.
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