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Usha Martin to set up unit in Chennai

To invest Rs. 27 crore in bright bar manufacturing plant

KOLKATA: Wire rope manufacturer Usha Martin on Wednesday said it would invest Rs. 27 crore to set up a bright bar manufacturing plant in Chennai to meet the requirements of the automobile industry in the southern region.

The company has acquired land for the purpose and the total investment for the project, expected to be completed in two years, would be around Rs. 27 crore, Usha Martin Managing Director, Rajeev Jhawar, told reporters here, adding that the project would be funded from internal accruals.

Announcing the company's consolidated results for the first half of the fiscal, Mr. Jhawar said the net profit stood at Rs. 58.94 crore while sales, net of excise, were Rs. 985.06 crore. — PTI

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