Kolkata, May 21
USHA Martin Ltd has arrived at an understanding with Joh Pengg AG, an Austrian-headquartered producer and worldwide exporter of oil-tempered round and shaped wire for automotive and various applications, to set up a joint venture manufacturing facility in the country to serve the growing demand for the product in India and the global market.
According to a company press release, the proposed joint venture envisages a starting production capacity of 3,000 tonnes per annum that would be raised to 10,000 tonnes per annum progressively.
Joh Pengg will hold 60 per cent of the equity stake in the proposed joint venture while Usha Martin will hold the balance. An agreement in this regard was finalised during the recent visit of Mr Alexander Phillipp, Managing Director of Joh Pengg AG, to India, according to the release.