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Speciality steel and wire rope maker Usha Martin Ltd has entered into an agreement with Japan-based Aichi Steel Corporation, a Toyota Group company.
Under the deal, Aichi will provide technical assistance to Usha Martin to help enhance the quality of its steel products and improve on operational efficiency, said a company statement. Its support will also help Usha Martin to obtain a larger presence in the passenger vehicle market, the release said.
The steel business accounts for nearly 43 per cent of Usha Martin’s consolidated turnover, which stood at Rs 3,622 crore in 2012-13, said A.K. Somani, CFO, Usha Martin. The rest comes from its wire rope business.
“By joining hands with Aichi Steel, Usha Martin aims to improve its production efficiencies and utilise its facilities to produce higher value steel products,” said Rajeev Jhawar, Managing Director of Usha Martin.
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