Kolkata: Speciality steels and minerals producer Usha Martin Ltd will pump in $216 million to optimise available mineral resources and set up beneficiation and pellet plants.

The board of directors, which met here Tuesday, also decided to expand the capacity of captive power for its steel plant at Jamshedpur and wire rope plant at Ranchi, both in Jharkhand, so that they are self-sufficient in electricity requirements.

The company decided to expand the capacity of wire rope and strand products to cater to growing demand of infrastructure, oil and gas and construction sectors within India and globally.

Company officials said the incremental expenditure of Rs.8.5 billion will be partly funded by additional equity of Rs.3.35 billion by way of preferential allotment of warrants to promoters at Rs.87 per share (face value of Re.1 per share) over the next 18 months.

The balance will be funded through combination of debt and internal accruals.