Tesac Usha Wirerope is a manufacturer of wire ropes in Thailand. The company had generated a turnover of Baht 245.08 million in the year ended 31 March 2023.
TUWCL currently operates as a joint venture (JV) between USSIPCL (49.9%), Usha Martin Singapore (0.1%), and Kobelco Wire Company (50%). The acquisition will see Usha Martin acquire Kobelco's entire 50% stake in the JV entity for a cash consideration of Baht 74.45 million.
Post this acquisition, TUWCL will become a subsidiary of USSIPCL and a step-down subsidiary of the company.
Usha Martin is one of the leading global manufacturers of steel wire & wire ropes. Its manufacturing plants are located in Ranchi and Hoshiarpur in India, and in Thailand, Dubai and the UK.
The company had posted 38.78% rise in net profit to Rs 109.47 crore despite a 4.33% fall in sales to Rs 784.70 crore in Q2 FY24 over Q2 FY23.