USHA MARTIN LTD. - Updates

Usha Martin Ltd has informed BSE that the Company has agreed to divest its entire stake of 50% held in Dove Airlines Private Limited' (DAPL), a joint venture Company at a consideration of Rs. 8,10,50,000 subject to certain adjustments.<BR><BR>The necessary Share Purchase Agreement for the above divestment has been signed by the Company November 09, 2015 and the transaction will be completed upon receipt of approval from DGCA, Government of India. Subsequent to such divestment, DAPL shall cease to be a joint venture of the Company.