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Usha Martin to allocate Rs 30 crore to Thai subsidiary

10 May 2013 Evaluate

Usha Martin, steel wire rope maker is planning to spend Rs 30 crore for the equal joint venture between its existing Thai subsidiary Usha Siam Steel Industries and Tesac Wire Rope Co of Japan. It aims to commission the proposed 1,000 tonnes-a-day greenfield facility in Thailand by April, as the construction of the facility is in process. The entity is also expanding its marketing to Russia, South Africa and Latin America and it has two marketing subsidiaries in Europe and a R&D arm.

The company has reported a net profit of Rs 9 crore in Q4 to March 31, 2013, against Rs 76 lakh in the corresponding quarter in 2011-12. The annual net profit stood at Rs 7.05 crore in FY2013 against net loss of Rs 32.77 crore.

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