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Cost saving step by Usha Martin
Special Correspondent
KOLKATA:Usha Martin expects to achieve cost savings of Rs. 120 crore annually on account of captive sourcing of iron ore and coal.
Company Managing Director, Rajiv Jhawar, told reporters here on Wednesday after the AGM that the company had already started meeting 100 per cent of its iron ore requirement from its captive mines, while its coal output from the captive sources would begin by the end of 2007-08. Usha Martin recorded a 22 per cent growth in net sales in the first quarter ended June 30, 2007, and a 58 per cent increase in post-tax profit over the same period in 2006-07.
P. Bhattacharya, Joint Managing Director, said during 2006-07, the company formed three JVs. These include one with an Austrian company for making oil-tempered wire, a value-added product, the production of which would start by March 2008 at Ranchi.
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