Usha Martin announces changes in composition of Board: Rajeev Jhawar reappointed as Manging Director

Usha Martin Limited notifies the changes to the board’s composition that were approved by the company’s board of directors at their meeting on Thursday, April 27, 2023, in accordance with Listing Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 (the “Listing Regulations”). These changes were based on the recommendation of the company’s Nomination and Remuneration Committee. A brief profile of the appointees was also enclosed with the intimation for recording purposes. The notification is made by Usha Martin Limited for the note of The Secretary of The BSE Limited, The Secretary of National Stock Exchange of India Ltd and Societe de la Bourse de, Luxembourg.

The intimation reports changes in the composition of the board, such as

· Re-appointment of Mr. Rajeev Jhawar [DIN: 00086164] as managing director is for a term of five years beginning on May 19, 2023

· Re-appointment of Mr. Vijay Singh Bapna [DIN: 02599024] as Independent Director (Non-Executive) for a second term of five consecutive years effective from 27th May 2023. He shall also continue to be Non Executive Chairman of the Company.

· Appointment of Mr. Sumit Kumar Modak [DIN: 00983527] as Whole Time Director for term of five years effective from 27th April 2023

· Appointment of Mr. Tapas Gangopadhyay [DIN: 10122397] as Non-Executive Director effective from 27th April 2023

· Acceptance of resignation of Mr. Devadip Bhowmik [DIN: 08656505] from the office of Whole-Time Director due to personal reasons with immediate effect

The report suggests the changes that were made by Rajeev Jhawar Usha Martin Limited which can make significant variations in the upcoming administration of the company. The industry and the company expect that these changes would bring out growth potential in the upcoming years.

Government of India’s fiscal measures will bring the economy back to a sustainable positive terrain – Rajeev Jhawar Usha Martin

Rajeev Jhawar, and Indian Industrialist and son of Brij Kishore Jhawar is the Managing Director of Usha Martin Limited. He is an aluminous of Ranchi University and London Business School. He started his journey as the vice president (commercial) and became the Managing Director of the company in 1998. In the three decades that he has been at the helm of the group, he 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 do an altogether higher growth trajectory.

Rajeev Jhawar is on the boards of various corporates including Orient Cement Limited (part of CK Birla group companies) and Neutral Publishing House Limited which has a leading regional newspaper under the flagship title ‘Prabhat Khabar’ published in the Indian cities of Patna, Dhanbad, Ranchi, Jamshedpur and Kolkata. He is also a director on the boards of Usha Martins Overseas subsidiaries that is Usha Martin International Limited at UK, Usha Siam Industries public company limited at Thailand and Brendon Wire Ropes FZCo at Dubai.

UML’s wire rope business manufactures wire, strands, LRPC and wire ropes, which cater to various industries, including steel, infrastructure, construction and auto. Rajeev Jhawar Usha Martin expects that the domestic market will see a spurt in demand once the contagion is contained and business returns to normalcy, as overall economic activity in India is likely to register a sharp growth in the wake of strong global backlash against goods manufactured in China.

According to Rajeev Jhawar, “The various measures announced by the Central government to boost the economy are likely to start yielding results post-monsoon”. He expects that additional infusion of government funds in the infrastructure sector is also likely to push up demand for LRPC strands in the domestic market segment. Conveyor cords market segment in the domestic market is likely to remain strong in the current fiscal, Rajeev Jhawar hopes. Usha Martin Limited expects the Indian economy to rebound on the back of pent-up demand across sectors. Rajeev Jhawar, Managing Director of Usha Martin Limited anticipates that Reserve Bank of India’s (RBI) monetary stimulus and the Government of India’s fiscal measures will bring the economy back to a sustainable positive terrain.He believes that the substantial budgetary outlay on infrastructure by Government of India will augur well for their business.

Usha Martin Limited has a manufacturing capacity of around 2,30,000 tonnes per annum across its two facilities in India — at Ranchi, Jharkhand and Hoshiarpur, Punjab and three overseas units in the UK, Thailand and Dubai. The company recorded a consolidated revenue of Rs. 2,097.28 crore, compared to Rs. 2,153.82 crore in FY19–20. UML’s consolidated EBITDA stood at Rs. 312.56 crore in FY20–21 compared to Rs. 284.96 crore in the previous year. Despite the shrinkage in revenue, there was a marked improvement in the EBITDA margin from 13.23% to 14.90%. During the year, Usha Martin Limited had adequate working capital and liquidity, which ensured that their operations went on smoothly.

Rajeev Jhawar the strength behind Usha Martin with sharp business acumen and in depth understanding of business administration

Rajeev Jhawar, the son of Brij Kishore Jhawar, is an Indian industrialist with over three decades of experience in strategic management. 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. He has been the Managing Director at Usha Martin Limited since May 19, 2008, and in the three decades that he has been at the helm of the Usha Martin Group, he has accelerated growth, built a meritocracy and enhanced stakeholder value. Usha Martin started its business as a wire rope manufacturing company. The group has set new standards in the manufacture of wire rods, bright bars, steel wires, specialty wires, wire ropes, strand, conveyor cord, wire drawing and cable machinery. The company is also in the business activities of Steel, Wire & Wire Ropes.

Rajeev Jhawar is the Director of Neutral Publishing House Ltd. He graduated from London Business School and completed Management Development Course at the University of Pennsylvania. Rajeev Jhawar has been Vice Chairman of Usha Martin Education & Solutions Limited since September 2010. 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.

Rajeev Jhawar has been an Independent Non-Executive Director of Orient Cement Limited since August 09, 2014. He serves as an Executive Director of Usha Martin Limited. He serves as Director of Usha Martin International Ltd., Usha Siam Steel Industries Public Company Ltd., Thailand, Brunton Wolf Wire Ropes FZCO, Dubai, Usha Breco Ltd, Usha Breco Realty Ltd, KGVK Rural Enterprises Ltd, KGVK Social Enterprises Ltd, Redtech Networks India (P) Ltd, PARS Consultancy & Services Pvt. Ltd. And Jhawar Venture Management Pvt. Ltd. He has been a Non-Executive Director at Usha Martin Education & Solutions Limited since March 4, 2000. He has been Director of Usha Breco Limited since March 30, 2010. He is also on the boards of various corporates including Orient Cement Limited (part of CK Birla group companies) and Neutral Publishing House Limited which has a leading regional newspaper under the flagship title ‘Prabhat Khabar’ published in the Indian cities of Patna, Dhanbad, Ranchi, Jamshedpur & Kolkata.

Post covid market analysis by Rajeev Jhawar

Rajeev Jhawar shares his observation about the industry post covid. After the coronavirus, the industry witnessed a pandemic and subsequent lockdown disrupted overall economic activity. The Indian steel industry struggled to keep pace with the sharp fall in steel demand.  Adverse market conditions forced steelmakers to cut their operations by up to 50% by the end of 2019-20 and early 2020-21. Further, he also makes his views on the various stimulus measure taken by the government to enhance the growth of the economy.

Rajeev Jhawar, managing director, UML, said the various measures announced by the central government to stimulate the economy are likely to bear fruit after the monsoon. While the pandemic has not yet been eradicated, the growth is likely to occur as all the industries had learnt to live together with the pandemic. Rajeev said while the demand for wire rope in the international market was very modest, domestic demand in various sectors was very low due to the lockdown in the wake of the Covid-19 pandemic. Rajeev Jhawar says that their plant is currently operating at 50-55% of the installed capacity.  However, export demand is good and we are supported by the depreciation of the rupee, he said. The company expects capacity to increase by the second half of this financial year once the covid situation is brought under control and domestic demand picks up.

Usha martin in wire rope manufacturing

The company’s global R&D centre in Italy is actively engaged in the design of wire ropes and uses property design software to develop products. The company also has a comprehensive R&D facility in its manufacturing unit at Ranchi. “Product innovation that meets the customers’ needs is a continuous process for us. We are a major supplier of several OEMs,” explains Devadip Bhowmik, director, sales & marketing, UML. The market leader in India in wire ropes, Usha Martin can produce a wide range – from 4.8 mm to 130 mm in diameter – of wire ropes. “Our USP is diverse quality products that cater to large customers,” adds Bhowmik. “It is the concept of a ‘super market’, where one can pick up everything under one roof.”

Describing the advantages of the overseas operations, Rajeev Jhawar affirms that these operations provide a significant synergy and support to the overall business performance. It also helps us to spread the offerings across the globe. The Covid pandemic had adversely impacted UML’s demand but the international market is expected to open up, though slowly. Rajeev Jhawar thinks that in the next five years, the segment will see good demand.

 Mr. Rajeev Jhawar has also cautioned all to remain agile and responsive to the changing market needs and focus on increasing market share in high contributory products. Rajeev is bullish about the segment and expects oil & gas, ports and shipping to be the growth drivers. On a consolidated basis, 35-40 per cent of Usha Martin’s revenue is from exports to Europe, South East Asia, the US and the Scandinavian countries.

“Usha Martin has been supplying us with wire ropes for heavy-duty cranes for ports over decades now,” says Harinder Singh, business head, coal import terminal, Adani Ports & SEZ. Performance-wise, UML’s products are on par with the imported ropes. But though the quality is good, there is a need to improve the services, says Rajeev Jhawar Usha Martin enjoys strong brand recall in the segment.  Usha Martin is now in the process of strengthening its projects and services under the new leadership. The adopted HR policy of the company identifies future leaders. The HR processes find high-potential performers. UML nurture them internally through training and development, as part of a succession planning process, so that future leaders can be developed within the organization. This is what Rajeev Jhawar feels. Usha Martin has a workforce of 2,300. The average age group of the company’s management is below 50.

Rajeev Jhawar, The Crisis Manager For Usha Martin

Usha Martin is one of the world’s leading manufacturers of wire rope. Established in the year 1960, today Usha Martin is a multi-unit and multi-product organization. The wire rope manufacturing facilities located in Ranchi, Hoshiarpur, Dubai, Bangkok and UK produce one of the widest ranges of wire ropes in the world. The infrastructural facilities are equipped with the latest state-of-the-art high-capacity machines to manufacture world-class products. Our Global R&D centre located in Italy is actively engaged in designing wire ropes and uses proprietary design software to develop products that are the best in class.

Usha Martin also has a comprehensive R&D facility in their manufacturing unit at Ranchi in India. Long-standing application in diverse sectors like Oil & Offshore, Mining, Crane, Elevator, Infrastructure etc. is the testimony of their expertise in manufacturing high-quality wire rope products. As a business entity, they have always focused on delivering value-added products and services to the customers. To ensure the commitment to quality percolates through every sphere of their operations, they have built a robust network of capabilities spread across the globe. The distribution centers are located in the UK, North America, South America, Netherlands, Australia, Russia, Singapore, South Africa, Indonesia, Vietnam, China, Kazakhstan and Iran. Usha Martin’s facility at Ranchi is one of the world’s largest wire rope manufacturing facilities under one roof. Other than wire rope, this unit manufactures LRPC strands, customized to have diversified applications in Infrastructure, Renewable energy installations, Bridges etc. Usha Martin has enriched experience in manufacturing & supply of pre-stressing machines & accessories, backed up by expert installation teams for Pre-stressing jobs.

Mr Rajeev Jhawar 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. 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.

Rajeev Jhawar is on the Boards of various corporates including Orient Cement Limited (part of CK Birla group companies) and Neutral Publishing House Limited which has a leading regional newspaper under the flagship title ‘Prabhat Khabar’ published in the Indian cities of Patna, Dhanbad, Ranchi, Jamshedpur & Kolkata. He is also a director on the boards of Usha Martin’s overseas subsidiaries, i.e Usha Martin International Limited in the UK, Usha Siam Industries Public Company Limited in Thailand and Brunton Wire Ropes FZCo in Dubai.

Rajeev Jhawar has been the Managing Director of Usha Martin Limited since May 19, 2008.  He is a director of Neutral Publishing House Limited.  Rajeev Jhawar has been the Vice Chairman of Usha Martin Education and Solutions Limited since September 2010.  The company has been bringing rich experience in the management of industrial enterprises for more than a decade, the company said in a regulatory filing.  His leadership qualities, sharp business acumen, deep understanding of business administration and strategic decisions led the group to a high growth trajectory as a whole.

Rajeev Jhawar And His Views On Post Covid Expansion Of Production

Rajeev Jhawar has been the Managing Director of Usha Martin Limited since May 19, 2008.  He is also a director of the Neutral Publishing House Limited.  Rajeev Jhawar has been the Vice Chairman of Usha Martin Education and Solutions Limited since September 2010.  The company has been bringing rich experience in the management of industrial enterprises for more than a decade.  His leadership qualities, sharp business acumen, deep understanding of business administration and strategic decisions led the group to a high growth trajectory as a whole.

Rajeev Jhawar shares his observation about the industry post covid. After the corona virus the industry witnessed a pandemic and subsequent lockdowns disrupted overall economic activity. The Indian steel industry struggled to keep pace with the sharp fall in steel demand.  Adverse market conditions forced steelmakers to cut their operations by up to 50% by the end of 2019-20 and early 2020-21. Further he also makes his views on the various stimulus measure taken by the government to enhance the growth of the economy.

Rajeev Jhawar, managing director, UML, said the various measures announced by the central government to stimulate the economy are likely to bear fruit after the monsoon. While the pandemic has not yet eradicated completely, the growth is likely to occur as all the industries had learnt to live together with the pandemic.

Rajeev said while the demand for wire rope in the international market was very modest, domestic demand in various sectors was very low due to the lockdown in the wake of the Covid-19 pandemic. Rajeev jhawar says that their plant is currently operating at 50-55% of the installed capacity.  However, export demand is good and we are supported by the depreciation of the rupee, he said. The company expects capacity to increase by the second half of this financial year once the covid situation is brought under control and domestic demand picks up.

Rajeev Jhawar- A man of strategic and tactical insights

G Steel Public Company Limited (“G Steel”) was founded in late 1995 by Dr Somsak Leeswadtrakul, a key leader nationally recognized in this industrial sector and a pioneer of the Thai and Southeast Asian steel industry with more than 40 years of experience. G Steel is a producer and distributor of Hot Rolled Coil (“HRC”) aiming at substituting imports and meeting domestic customers’ demands. Its products serve as raw materials for such downstream industries as cold-rolled coils, galvanized steel, steel pipe, structural steel products for construction, LPG container, automobile, electrical appliance as well as steel furniture industries.

Rajeev Jhawar is the chief financial officer at G Steel Public Company Limited. He pursued his Bachelor of Commerce, Accounting & Financial Management from St. Xavier’s College, Maharashtra. From the Institute of Chartered Accountants of India (ICAI), he cleared Chartered Accountant, Financial & Management Accounting, Taxation, Law, Auditing & Systems etc. He also completed PGCBM, General Management from XLRI Jamshedpur.

Rajeev Jhawar is a seasoned and hands-on Finance and Business leader holding positions of CFO and Vice President commercial with exposure to various industries. Example: Tobacco, Steel, Agrochemicals, FMCG, Hotels etc. He has a rich global work experience having worked in India for over 14 years and ASEAN\ South East Asia (Indonesia and Thailand) for over 10 years with multi-cultural teams.

Rajeev Jhawar is partnering with CEOs and the management teams and providing strategic and tactical insights to achieve set bottom-line expectations of stakeholders. He has worked in both private and listed entities and is deeply engaged with Non-Executive & Independent Directors of Audit Committees and Boards. He has experience in handling portfolio companies of private Equity\ Investment Fund.

Mr. Rajeev to be a hands-on CFO who was detail-oriented. his ability to solve complex financial issues and present them in a cogent fashion consistently.

Rajeev is a target-oriented leader. The best thing about him was he knew how to develop his subordinate’s potential. His leadership created a culture where others should leave their comfort zone and take the higher challenges. As a person, Rajeev Jhawar has a pleasant personality. He has good communication skills and a positive attitude needed in work.

Rajeev is diligent and hardworking and can simplify the situation at hand and provide innovative and out-of-the-box ideas to the problem at hand. He has taken pains to learn the management finance ropes, being a CA, it was relatively easy for him, as he’s very good with numbers. He is an easy-going personality and a very amiable person to interact with.

As a CFO for over 15 years, Rajeev Jhawar has handled the entire gamut of Strategy formulation & Implementation, Investor relations, M&A, Risk Management, Finance & Banking, Accounting, Controlling, Legal & Compliance etc. He also handled customer\supplier relations, commercial negotiations, contracts, supply chain etc. in his role as a commercial head.