Usha Martin to set up office in China
Eyeing the growing Chinese market, wires and speciality steel producer Usha Martin will set up an office in that country next month.
By PTI |
KOLKATA: Eyeing the growing Chinese market, wires and speciality steel producer Usha Martin will set up an office in that country next month.
"We are going to open our office in China next month. We want to take advantage of the huge market there. We will study the market and raw material availability and take appropriate steps thereafter," Usha Martin managing director Rajeev Jhawar told reporters here.
Asked whether the company was planning to set up a plant in China, he said no decision has been taken. "We will continue to focus on producing value-added products including wire ropes in our plants, at Ranchi, Thailand and the US, and export them."
However, the company is keeping the option of setting up a plant in China open. Jhawar said the company was looking to sell special quality wire ropes for elevators, mining and the construction sector in China.
Usha Martin has manufacturing facilities at Ranchi, Jamshedpur, Hoshiarpur, UK, Thailand, UAE and US.
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Usha Martin Joint Managing Director P Bhattacharya said the company recorded a consolidated net profit of Rs 137.45 crore on a sales turnover of Rs 1,964.71 crore.Its net profit from India operations during the year increased to Rs 101.48 crore recording a growth of 56 per cent. Usha Martin posted a net profit of Rs 29.02 crore during the fourth quarter of 2006-07 from its India operations, clocking a 42 per cent growth over the previous year.
He said the company has lined up investment of Rs 1,350 crore, which included ramping up capacity, development of coal mine, setting up of a bright bar plant and power plant and creating infrastructure in its captive mines.
The company would increase its speciality steel capacity to one million tonne in the next three years.
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He said that the company would commission the plant at Chennai in one-and-a-half year's time to produce bright bars required for manufacturing auto components. It would have a capacity of 30,000 tonne per annum.Usha Martin board during its meeting recommended dividend of Rs 3.75 per share on equity share of Rs 5 each. The board also recommended stock split of equity shares of Rs 5 each in five shares of Rs 1 each subject to necessary approvals.
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