Usha Martin plans enhanced mineral optimization

Kolkata, Nov 13, (UNI) Usha Martin today decided to enhance mineral optimization and increase capacity of its value added products.

In its Board meeting held during the day the Directors approved the enhanced scope of capital project from Rs.1,250 crore to Rs.2,100 crore, enriching value of mineral by setting up a beneficiation plant and a pellet plant and also optimizing available mineral resource.

It said incremental expenditure of Rs. 850 crore would be part funded by infusion of additional equity of Rs. 335 crore by way of preferential allotment of warrants to promoters at Rs. 87 per share (face value of Re. 1 per share) over the next 18 months subject to requisite approval.

The balance would be funded through combination of debts and internal accruals.

Usha Martin also has plans to expand power capacity for its steel plant at Jamshedpur and wire rope plant at Ranchi.

The company produces minerals, speciality steel and is one of the largest wire rope manufacturers globally, a statement issued here said.

UNI