Financial Daily from THE HINDU group of publications
Monday, Jan 30, 2006
Financial Daily from THE HINDU group of publications Monday, Jan 30, 2006 |
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Corporate
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Overseas Investments Wire rope production at Usha Martin US unit likely to start by Sept Our Bureau
Kolkata , Jan. 29 PRODUCTION at Usha Martin Ltd's wire rope manufacturing facility in Houston, US is expected to commence by September this year. The first phase of the $15-million project is scheduled to be fully implemented by March 2007. While the project in its entirety would be implemented in three phases and would have a capacity to manufacture 25,000 tonnes of wire rope a year, the first phase would have an installed capacity of 6,000 tonnes. Speaking to newspersons, Mr B.K. Jhawar, Chairman, said that the US market for wire rope had been pegged at 220,000 tonnes. Fifty per cent of this amount is imported into the country. "There is great scope in the wire rope market in the US. In the first full year of operations, we hope to sell 10,000 tonnes." Mr Jhawar said that the company, which has manufacturing facilities in Ranchi, Jamshedpur, Hoshiarpur, the UK, Thailand, and the UAE, is watching the Chinese market very closely. Asked if the company intends to set up operations in China, he said: "A decision on whether we want to set up operations in China will be taken depending upon our analyses of the situation there in the months ahead." According to him, during the third quarter of the current fiscal, Usha Martin's gross sales at Rs 353.42 crore marked an increase of 8.1 per cent over the corresponding previous period. The profit before tax and profit after tax at Rs 24.86 crore and Rs 16.50 crore were higher by 69 per cent and 83 per cent respectively.
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