Usha Martin expects to complete expansion in 30 months
July 27th, 2010 - 9:17 pm ICT by IANSKolkata, July 27 (IANS) Speciality steel and wire rope manufacturer Usha Martin Limited expects to complete its planned Rs.1,200-crore capital expenditure in the next 30 months, a top company official said here Tuesday.
“The projects would be funded through a mix of debt and internal accruals,” Chairman Prashant Jhawar said during the company’s annual general meeting.
The Rs.1,200-crore would be spent for setting up coke oven plant, a pellet plant, ore beneficiation plant, power plants and a direct reduced plant, the company had said earlier.
With the commissioning of the sinter plant, the company’s plan to achieve 1 million tonne steel making capacity would be completed by August. It is part of Usha Martin’s current Rs.2,100-crore expansion plan.
However, the company plans to gradually scale up actual production. In 2010-11, it would produce 600,000 tonnes of steel, which would be scaled up to 800,000 tonnes and 1 million tonne in 2011-12 and 2012-13 respectively, he said.
Talking about their interest in China, he said: “We have made a breakthough in the Chinese market recently with an order for wire ropes for oil and gas sectors.”
“China would be our key focus market. We would be shortly visiting China for better understanding of that market.”
The company is exploring possibilities of setting up a sales and distribution office in China, he said.
- Usha Martin to invest Rs.1,200 crore to set up plants - May 10, 2010
- Usha Martin's Q1 net profit dips 38.7 percent - Jul 29, 2011
- Usha Martin posts Rs.71.8 crore net loss in Q2 - Oct 31, 2011
- Essar Steel commissions Phase 1 of Odisha pellet plant - Apr 09, 2012
- Usha Martin net falls to Rs.14.65 crore - Oct 28, 2009
- Usha Martin Q4 net dips almost 60 percent - May 10, 2012
- Usha Martin posts 50 percent drop in profit - Jul 29, 2009
- Usha Martin consolidated net up nearly 6 percent - May 12, 2009
- SAIL investing Rs.20,000 crore for modernising Bengal units - Sep 10, 2011
- Usha Martin plans to cut steel production cost from March - Jan 29, 2009
- Ashok Leyland to go slow on raising debt - Nov 11, 2010
- Nalco to set up subsidiaries - Jul 08, 2011
- Shree Vijay setting up aqua feed plant in Andhra - Feb 22, 2012
- Murugappa group plans Rs.1,000 capex in 2012-13 - May 10, 2012
- Wheels India to invest Rs.70 crore on expansion - Oct 27, 2011
Tags: accruals, annual general meeting, breakthough, capital expenditure, chinese market, coke oven, distribution office, expansion plan, gas sectors, oil and gas, ore beneficiation, power plants, prashant, rs 2, sinter plant, speciality steel, tonnes, usha martin, wire rope manufacturer, wire ropes