Five companies have expressed interest in buying Usha Martin’s steel business, the company has announced.  The five — JSW Steel, Tata Steel, Liberty House, Kalyani and Vedanta — have signed non-disclosure agreements (NDAs) in this regard, while they do their due-diligence.

Once the offers are made, it would be evaluated by an independent committee set up by Usha Martin’s board of directors. Usha Martin’s board approved the sale of the steel business, aimed at reducing debt. Usha Martin was earlier looking to sell its wire and wire ropes business. However, a change in market conditions prompted the company to look at sale of the steel business.

Usha Martin produces allong steel long products such as wire rods, bars, blooms and bright bars mostly for commercial vehicles and tractors.