Tata Steel\u2019s subsidiary Tata Sponge Iron is likely to take over the steel alloy manufacturing plant of debt-ridden Usha Martin by Tuesday.\u00a0Tata Steel had executed definitive agreements with the Kolkata-based company in September last year for the acquisition of the latter\u2019s steel business for a cash consideration of between Rs 4,300 and Rs 4,700 crore. Usha Martin's steel business includes one-million-tonne steel alloy manufacturing plant near Jamshedpur in Jharkhand, an operative iron ore mine, a coal mine under development and captive power plants. The Competition Commission of India (CCI) had in December approved the acquisition. Notably, Tata Steel holds 54.5% shareholding in Tata Sponge Iron, which is one of India\u2019s largest merchant sponge iron manufacturers. \u201cThe steel unit is expected to be taken over at midnight tonight,\u201d a source close to the development told FE on Monday. \u201cThe acquisition of iron ore mine and coal mine will take place later as it requires some additional processing,\u201d the person said, adding the Tata company has already transferred a \u201csubstantial amount of money\u201d for the buyout. When contacted, a Tata Steel spokesperson said, \u201cSome point of time the takeover of the Jamshedpur plant has to happen. There is a process, which is on at the present moment. The takeover will happen when the process will culminate.\u201d Rajeev Jhawar, who is the managing director of Usha Martin, could not be contacted by phone for a comment. Notably, Usha Martin\u2019s board had in June last year decided to explore the sale of its steel business and constituted a committee to appoint investment banks and consultants to help evaluate proposals and oversee the potential sale process. The company\u2019s integrated steel plant near Jamshedpur has one million tonne capacity annually. It had decided to explore the sale of the steel unit mainly to reduce huge long-term debt. The company had constituted a committee of independent directors to oversee the process of selling the steel business. SBI Caps had been appointed as the merchant banker.