Bin Sulayem with Dr. P. Bhattacharya at the wire rope plant in the Jebel Ali Free Zone. ©Gulf News
One of the world's largest wire rope producers, Kolkata-based Usha Martin has invested Dh10 million in a manufacturing plant in Jebel Ali Free Zone, under the name of Brunton Shaw M.E. with an initial capacity of 6,000 metric tonnes.

This is claimed to be the first wire rope manufacturing plant in the Gulf.

Usha Martin, with a $300 million annual turnover, produces 65,000 tonnes of various types of wire rope for industrial and communication usage per annum. It is slightly behind its largest competitor, Korea Alliance Steel which produces 85,000 tonnes.

Regionally, due to an ongoing construction boom and infrastructure development activities, demand for wire ropes is expected to increase further, officials said. Besides, oil and gas exploration and production facilities, floating rigs are going to be among its customers.

Usha Martin has manufacturing bases in India, the UK, Thailand and the UAE. Its largest export market is Europe, with a 39 per cent share, followed by Asia with 28 per cent, while the US and the Middle East represents about 13 and 11 per cent respectively.

Largest market

However, its largest market is India, which consumes 76 per cent of Usha Martin's products. Prashant Jhawar, vice chairman of Usha Martin group, said, "It is a small step in this part of the world but a giant leap for Usha Martin to globalise its wire rope manufacturing, marketing, distribution and service businesses.

"We have started in a modest way but the unique infrastructure of the UAE as well as the plant allows us to grow this unit into the most important wire rope manufacturer in this part of the world."

The International Finance Corporation (IFC) holds more than 14 per cent equity in Usha Martin Ltd, India, the parent company, and is providing funding of $21 million to the company's backward integration and value enhancement initiative, which are progressing as per schedule.

Sultan Ahmed bin Sulayem, executive chairman of Ports, Customs and Free Zone Corporation, welcomed the new plant in the free zone, saying it will reinforce Dubai's position as a manufacturing hub.

Usha Martin is a joint venture with Scottish Martin Black Co, established in the 1960s. In Indian currency terms, its group turnover crossed Rs20 billion last year.