Usha Martin may enter agro biz

Wire rope manufacturer Usha Martin may enter the agro and food processing sector following the success of a pilot project undertaken by the company as a social sector initiative in Jharkhand.

The company, which started off the venture through its social sector outfit Krishi Gram Vikas Kendra (KGVK), is planning to invest about $1.5 million for scaling up the project next year.

"While the scaled up project would be run by KGVK, there is a definite possibility that the company will come directly into agro-business and food processing following the success of the KGVK initiative,''official sources said.

KGVK has plans to scale up its agricultural farming from 58 hectares to 100 hectares by March 2006.