Kolkata-based business conglomerate Usha Martin Limited has announced the launch of the newly formed company Usha Breco Realty Pvt. Ltd.

Usha Breco Realty, which will be headquartered in Mumbai, will focus on joint ventures for property development under a profit or revenue sharing arrangement. The projects include a multi-tenanted IT building in Kolkata with an estimated budget of Rs.75 crore. The company will also develop Rs.175 crore integrated residential-cum-commercial project at Ranchi in Jharkhand. The company is currently implementing projects with budget over Rs. 250 crore.

The group has appointed Uday Dharmadhikari as CEO of Usha Breco Realty.

Incorporated in 1960, Usha Martin Limited, together with its subsidiaries, engages in the manufacture and sale of wire and wire rope products. It operates in two segments, Steel, and Wire Ropes. The company markets its products in the United States, the United Kingdom, Europe, Africa, the Middle East, Southeast Asia, and Australia.

Yesterday, Usha Martin has inaugurated its 40:60 JV with Austrian Joh Pengg AG named Pengg Usha Martin Wires Private Limited at its Ranchi plant for manufacture of oil tempered wires.

The shares of the Usha Martin slipped 4% today, to settle at Rs 89.35. The total volume of shares traded was 3,457,480 at the BSE. (Friday)