Usha Martin's Thailand unit in JV with Japanese firm
Usha Siam Steel Industries Public Company Ltd, a subsidiary of Usha Martin Ltd in Thailand, has formed a 50:50 joint-venture with TESAC Wire ropes, a Kobe Steel Group company.
TESAC Wire rope, well-established wire-rope company in Japan, is the leader in Japanese elevator rope market.
The joint-venture, TESAC Usha Wire Rope Company, will have a steel wire-ropes plant in Thailand with an annual capacity of 12,000 tonnes.
As per the agreement, TESAC and Usha Martin Group will set up the plant at a cost of 500 million baht (USD 17 million), according to a release here Tuesday.
The plant will be operational in 2014 and the wire for the JV will be supplied by Usha Siam, it said.