Usha Martin to invest Rs.1,200 crore to set up plants
May 10th, 2010 - 7:51 pm ICT by IANSKolkata, May 10 (IANS) 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 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 percent increase in net profit in the January-March quarter of 2009-10 at Rs.45.74 crore.
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- Usha Martin consolidated net up nearly 6 percent - May 12, 2009
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Tags: accruals, coke oven, crore, direct reduced iron, equity infusion, managing director, megawatt, net profit, ore beneficiation, power plants, speciality steel, tonne, usha martin, wire rope manufacturer