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Usha Martin Ltd logo

Usha Martin Ltd

NSE: USHAMART BSE: 517146

â‚ą476.05

(3.01%)

Fri, 26 Jun 2026, 01:23 pm

mtf coin illustrationMTF 5x

Company History

1986

  • Incorporated on 22 May; obtained Certificate of Commencement on 17 July.
  • Promoted jointly by Usha Martin Industries Ltd. and Bihar State Electronic Development Corporation Ltd.
  • Undertook project for 5,00,000 CKM per annum jelly filled cables.
  • Entered technical collaboration with AEG Kabel, West Germany, for know-how and training.

1988

  • Developed PCM system cable for digital signals and supplied up to 1600 pairs; first foam skin cable 1800 x 0.4 in India.
  • Issued 70,99,930 shares at par: 16,96,930 to UMI group, 18,46,000 to BSEDC, 10,72,000 to AEG-Kabel, 7,10,000 to DEG; public subscription of 14,20,200 shares in April (all taken).

1989

  • Offered 14,20,000 rights equity shares (1:5) in May/June (all taken).
  • Offered 71,000 equity shares to employees (5,200 taken; 65,800 lapsed).

1994

  • Issued 10,00,000 equity shares of Rs 10 at Rs 169 premium to promoters.
  • Issued 32,71,028 GDRs in October at Rs 335.66 per share.
  • Usha Martin Telekom Ltd. (JV with UMI and Telekom Malaysia) provided cellular services in Calcutta as COMMAND.

1996

  • Monitored power sector developments.
  • Summit Usha Martin Finance Corporation became 50:50 JV with Sumitomo Corporation, Japan.
  • Joint ventures include Usha Siam Steel Industries Ltd., Usha Martin Europe Ltd., and Usha Martin Americas Inc.

1997

  • Decided to spin off Software Division into subsidiary.
  • Merged with Usha Martin Industries Ltd., becoming multi-divisional (pig iron, steel wires/rods, wire ropes, jelly-filled cables).
  • Issued 11,477,334 equity shares to UMI shareholders; cancelled 13,56,200 UMI-held shares.
  • Ubest signed agreement with Swiss Telecom PTT for SICAP software.

1998

  • CRISIL downgraded ratings and removed from rating watch.
  • Planned expansion into telecommunications services, networks, and JVs.
  • Set to change name to Usha Martin Ltd.
  • Initiated restructuring of international marketing and distribution.
  • Embarked on 27 lckm cable facility at Silvassa via wholly owned subsidiary UM Cables Ltd.

1999

  • Introduced VRS at Ranchi cable and wire rope factories.
  • Launched UM Cable Ltd in Silvassa for jelly-filled telecom cables.
  • Setting up holding company for overseas distribution.
  • Usha Communications Technology signed worldwide agreement with Compaq Computer Corporation.
  • Entered $15 million funding agreement with American Express Bank.
  • Formed JV with Martin Bright, Australia, for Rs 40 crore special steel facility in Jamshedpur.
  • Acquired 10% equity in Usha Siam Limited.
  • Umicor UK acquired EMMC UK for $3.5 million.
  • Set up Usha Communications Technology for software in UK with Entryline Holdings.
  • Initiated restructuring of global software activities with new US holding company UBEST America by 2000.

2000

  • Set up technical training centres.
  • Approved Scheme of Arrangement with Usha Martin Infotech Ltd.
  • Acquired wire rope business of Brunton Shaw, UK.
  • Issued 35,00,000 GDRs at US$3.25 each (1 GDR = 1 equity share).

2001

  • Mr. Pradip P. Shah resigned as Director effective 24 January.

2002

  • Tied up with Gustav Wolf, Germany, to manufacture steel cords.
  • Board approved 100 KT per annum DRI plant.
  • Appointed Mr. Biswajit Choudhuri (UTI nominee) and Mr. Dilip Mondal (IDBI nominee) to Board.
  • Board approved preferential allotment of 53,45,455 equity shares each to IFC and promoters at Rs 33 per share.
  • IFC signed Rs 120.5 crore investment agreement.
  • UMIL acquired 30,00,000 shares (9.45%) on preferential basis.

2003

  • DEG provided Rs 50 crore financing at Libor + 275 bps for 11 years.
  • Purchased wire rope plant in Dubai.
  • Acquired 49.55% stake in Usha Martin International Ltd, UK.
  • Ministry of Coal allotted captive coal block in Jharkhand with over 30 MN T reserves for DRI project expansion.
  • Mr. T. K. Banerjee (LIC nominee) resigned from Board.

2005

  • Executed Business Transfer Agreement with JCT.

2007

  • Appointed Mr. Suresh Neotia and Mr. Ashok Basu as Additional Directors.
  • Split face value from Rs 5 to Rs 1.

2010

  • Appointed Dr. Vijay Sharma and Mr. P. K. Jain as Executive Directors.
  • Appointed Mr. G. N. Bajpai, Mr. Nripendra Misra, and Mr. Jitender Balakrishnan as Additional Directors (non-executive & independent).

2011

  • Recommended dividend of Re. 1 per share (100%) on face value of Re. 1.

2012

  • Promoted Dr. Vijay Sharma to Joint Managing Director & Chief Executive (Steel Business).
  • Promoted Mr. P. K. Jain to Joint Managing Director & Chief Executive (Wire & Wire Ropes Business).

2013

  • Won Best Supplier Award 2013 from Gabriel India Limited.

2020

  • Associated with Dobra Chanti Bridge project on 440m span.
  • Secured contract with LRPC for Durgam Cheruvu Cable Stayed Extradosed Bridge.
  • Received CSR Excellence Award 2020 Gold Category from Apex India Foundation for Community Development Program.

2021

  • Won BIZZ Award for Business Excellence from World Confederation of Business.
  • Awarded Asian Leadership Award 2021.
  • Participated in NAEC International Elevator Expo, USA.
  • Conducted cataract operations for over 500 people with Rural Medical Centre amid COVID-19.
  • Installed World’s Longest Adventurous Bridge with ropes.
  • Installed Janki Setu Bridge with ropes.

2023

  • Bagged 'Star Performer' Award for Export Excellence at 37th Export Awards by EEPC India.
  • Received Ellies Award 2023 for Best Supplier Ropes/Travelling Cables from Elevator World Inc. at NAEC.

2024

  • Usha Martin Americas Inc. completed acquisition of shares in Usha Siam Steel Industries Public Company Limited from Kobelco Wire Company Limited.

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