Usha Martin draws up Rs 60 crore buyout plan

 Managing director Rajeev Jhawar said the blocks will supply coal and iron ore to the one lakh tonnes per annum DRI (direct reduced iron) facility which is being set up with waste heat recovery plant of 10 MW.

 He said the company acquired a 30 million tonne (MT) coal block on lease and applied for a 20 MT iron ore block which might be granted in a couple of months. He added the investment will be funded through internal accruals.

 The company today announced results for the quarter ended September 2003. Gross sales, during the period, went up by nearly 12 per cent to Rs 228.43 crore compared with the previous corresponding period