Usha Martin, leading producer of specialty steel and one of the largest wire rope manufacturer, is planning to set up Greenfield facility in Thailand as it wants to manufacture high-performance steel wire ropes. The facility will be set up by Usha Siam Steel Industries a subsidiary of Usha Martin in joint venture (JV) with Japan-based Tesac Wire Ropes Company.
In December 2012, the company’s subsidiary - Usha Siam Steel Industries formed a 50:50 JV in Thailand with TESAC Wire Ropes, a leading Japanese wire rope company, under the name and style TESAC Usha Wire Rope Company for manufacture of high performance steel wire ropes. The subsidiary will invest close to $16 million and through this JV it aims to produce 1,000 tonnes a day of steel rope in the next five years.
The company is looking for cater to the Asean market as the ropes manufactured by Japanese units are becoming expensive and this unit will help reduce the cost.
