Usha Martin raises $ 125 mn through ECB

The country’s biggest steel wire rope manufacturer Usha Martin has raised $ 125 million through external commercial borrowing to part finance its expansion activities. The money will be used to part finance its capital expenditure of Rs 1,200 crore to strengthen its cost competitiveness in steel business and maintaining global leadership position in the wire and wire rope industry.

In January also, the company had raised Rs 468.15 crore by selling 54.5 million shares to financial institutions at Rs 85.90 each. The group is expanding its business to iron ore and coal mines, sinter plant, pellet plant, power plants, while also enhancing its steel making and value added products capacity.crackcrack