Usha Martin Invests in New Plants

Speciality steel and wire rope manufacturer Usha Martin has planned to invest Rs 1,200 crore over the next three years to set up four different plants, a top company official said here on Monday.

These include a coke oven plant, a pellet plant and an ore beneficiation plant, and a direct reduced iron (DRI) plant.

“Our wire rope making cost would go down by about Rs 3,500 a tonne after we complete these projects,” company managing director Rajeev Jhawar said during a press conference.

The investment would include setting up of two power plants of 30 megawatt each.

The company did not specify the location of the plants.

The investment would not involve any equity infusion but would be funded by debt and internal accruals in 1:1 ratio, he said.

Usha Martin reported a 115 per cent increase in net profit in the January-March quarter of 2009-10 at Rs 45.74 crore.

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