Kolkata: Steel wire rope maker Usha Martin Ltd will invest Rs 30 crore for the equal joint venture between its existing Thai subsidiary Usha Siam Steel Industries Public Co Ltd and Tesac Wire Rope Co of Japan.
Rajeev Jhawar, MD, Usha Martin, said the construction for the proposed 1,000 tonnes-a-day greenfield facility in Thailand was on and the unit would be in operation by April. Usha Siam has it 3,000-tpd unit in an industrial park off Bangkok. The new unit will also come up in the same area.
At a press conference on Thursday, Jhawar said that Usha Martin was expanding its marketing to Russia, South Africa and Latin America.
The company has two marketing
subsidiaries in Europe and a R&D arm.
At home, its expansion plans are nearing completion. It has commissioned a coke oven battery with 17.5 MW waste heat-recovered power unit in March at its Jamshedpur complex. The second battery along with 17.5 MW unit would be ready by August, he said. “In September, the 1.2-mt pellet plant will be ready,” Jhawar added.
The company reported a net profit of Rs 9 crore in Q4 to March 31, 2013, against Rs 76 lakh in the corresponding quarter in 2011-12. The annual (FY2013) net profit stood at Rs 7.05 crore (net loss of Rs 32.77 crore).
The board recommended dividend of 15 paise a share of Rs 1 each. The stock on Thursday closed at Rs 26.5 on the BSE, up three per cent.
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