Rajeev Jhawar been the Managing Director at Usha Martin Limited since May 19, 2008. Rajeev Jhawar is the backbone of Usha Martin Limited. He has stood with the company through its thick and thin times and turned around the company back to the track of success. He is an Indian industrialist with over three decades of experience in strategic management is the managing director of Usha martin. He is an alumnus of Ranchi University and London Business School. He started his journey as Sr. Vice President (Commercial) and became the Managing Director of Usha Martin Limited in 1998.
Usha Martin is known for making a wide range of wire rope products, which have applications across the world. The ropes manufactured by Usha Martin serve in some of the most critical applications across diversified industrial segments, which include oil & offshore, cranes, mining, elevators, aerials, fishing, conveyor belts and general engineering.
Usha Martin Limited was arduous for several years. After hiving off its steel division to Tata in 2019 and clearing most of its debts, the company now sees itself in a reasonably healthy position. The current debt of the company, including the working capital, is now merely Rs582 crore, as against Rs4,600 crore in 2018–19. Usha Martin has deleveraged its balance sheet by selling its steel business, readying for a turnaround. As a global giant in the wire rope industry, the company’s future remains promising and it is poised for a significant rerating from here.
In April 2019, Tata Sponge, a subsidiary of Tata Steel, was the company that took control of Usha Martin’s one million tonne steel plant in Jamshedpur for the sum of Rs4,525 crore. Tata Sponge, renamed Tata Steel Long Products (TSPL), is into alloy-based manufacturing in the long products segment, with a producing iron-ore mine, a coal mine under development and captive power plants. While over 2,000 people of Usha Martin’s steel division have been absorbed by Tata, the deal made possible by Rajeev Jhawar also assured Usha Martin a supply of steel for its wire ropes division at market price from Tata for five years.
In the three decades that he has been at the helm of the Usha Martin Group, Rajeev Jhawar has accelerated growth, built a meritocracy and enhanced stakeholder value. His leadership qualities, sharp business acumen, in-depth understanding of business administration and strategic decision making has taken the Group to an altogether higher growth trajectory. Usha Martin Limited has won Best Supplier Award in 2013 from Gabriel India Limited under the leadership of Rajeev Jhawar.
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