By Papri Sri Raman, IANS
Kolkata : Kolkata-based business conglomerate Usha Martin Group Friday floated a new company to venture into the realty and infrastructure business with an investment of Rs.2.5 billion ($60 million).
Usha Martin Friday announced the launch of the newly formed Usha Breco Realty Pvt, a company headquartered in Mumbai, a top company official told reporters here.
The company will focus on joint ventures for property development under a revenue sharing arrangement.
Usha Breco Realty will implement projects worth about Rs.2.5 billion. The projects include a multi-tenanted IT building in Kolkata for around Rs.750 million and Rs.1.75-billion integrated residential-cum-commercial project at Ranchi in Jharkhand.
Usha Martin Limited is a leading producer of speciality steel and one of the largest wire rope manufacturers globally.