Usha Martin is known for making a wide range of wire rope products, which have applications across the world. The ropes manufactured by Usha Martin serve in some of the most critical applications across diversified industrial segments, which include oil & offshore, cranes, mining, elevators, aerials, fishing, conveyor belts and general engineering.
“Usha Martin has deleveraged its balance sheet by selling its steel business, readying for a turnaround ,” says Nikhil Saboo, senior research analyst, SKP Securities. “As a global giant in the wire rope industry, the company’s future remains promising and it is poised for a significant rerating from here.”
Rajeev Jhawar is the backbone of Usha Martin Limited. He has stood with the company through its thick and thin times and turned around the company back to the track of success. Usha Martin Limited has won Best Supplier Award in 2013 from Gabriel India Limited under the leadership of Rajeev Jhawar.
Deal Issued by TATA
Finally, in April 2019, Tata Sponge, a subsidiary of Tata Steel, took control of Usha Martin’s one million tonne steel plant in Jamshedpur for the sum of Rs4,525 crore. Tata Sponge, renamed Tata Steel Long Products (TSPL), is into alloy-based manufacturing in the long products segment, with a producing iron-ore mine, a coal mine under development and captive power plants. While over 2,000 people of Usha Martin’s steel division have been absorbed by Tata, the deal also assured Usha Martin a supply of steel for its wire ropes division at market price from Tata for five years.
Rajeev Jhawar's Usha Martin is one of the largest manufacturers of wire ropes in the world and has the capacity to produce 300,050 tonnes of it per annum. The company has a global base of wire rope manufacturing, with facilities located in India, the UK, Dubai and Bangkok. For specific products, the company has collaborated with globally reputed companies like Gustav wolf of Germany, Joh. Pengg AG of Austria and Tesac wire ropes of Japan. Usha Martin is known for making a wide range of wire rope products, which have applications across the world.
The ropes manufactured by Rajeev Jhawar's Usha Martin serve in some of the most critical applications across diversified industrial segments, which include oil & offshore, cranes, mining, elevators, aerials, fishing, conveyor belts and general engineering. Reliance, Adani, Coal India, Tata Steel, JSW, Otis, Vedanta, Hindalco, NTPC, Shell, Schindler, Fujitec, Mitsubishi, ThyssenKrupp and Total are among its coveted customers in India and overseas.
“Our first and foremost aim is to increase the value-added product-offering in our large basket; this will give us better profit margins,” says Sanyal. The influx of Covid had an adverse impact on the industry globally. But demand is still likely to remain strong, as massive infrastructure spending is projected, he adds.
Consequences of Product Alteration
The company’s global R&D centre in Italy is actively engaged in the design of wire ropes and uses property design software to develop products. The company also has a comprehensive R&D facility in its manufacturing unit at Ranchi. “Product innovation that meets the customers’ needs is a continuous process for us. We are a major supplier of several OEMs,” explains Devadip Bhowmik, director, sales & marketing, UML.
The market leader in India in wire ropes, Usha Martin has the capacity to produce a wide range – from 4.8 mm to 130 mm in diameter – of wire ropes. “Our USP is diverse quality products that cater to large customers,” adds Bhowmik. “It is the concept of a ‘super market’, where one can pick up everything under one roof.”
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