Usha Martin (UML), the second
largest wire rope manufacturer in the world, plans to make a capital investment
of Rs.1,350 crore in the next four years, the bulk of it in Jharkhand. UML
produces wires for industries, chord for conveyor belts and special steel for
the auto-component industry.
UML plans to spend Rs.1,200 crore in
Jharkhand in augmenting power and mining facility and aims to increase its
capacity to 1 million tonnes per year in the next three years, to become self-reliant in
coal, iron ore and power.
The company had acquired mining rights
in June 2005 at Barajamda and a coal mine in Kathautia in 2006. With the current
power capacity of 130 MW, the company is looking foreward in the next 13 months
for an additional 50 MW.
The company's iron ore mine has
already gone into production, while production in its coal mine, also in
Jharkhand, would begin by the end of 2007.
Also See:
Usha
Martin to enter coal mining (22-Aug-03)