Incorporated as Usha Video Systems in Jun.'83, the name was changed to Usha Iron and Ferro Metals Corporation in Jul.'92. The company was promoted by Vinay Rai and Anil Rai, who also have interests in other companies such as Usha Rectifier Corporation (India) (URCL), Usha Ispat, Usha Udyog, Burr Brown (India), etc. The company came out with a Rs 5-cr public issue in Sep.'93 to enhance and upgrade the capacity of the rolling mill and to meet margin money requirements for working capital of the project. The company manufactures billets from scrap and utilises the same for in-house production of non-flat rolled products. It also converts billets into rolled products on a conversion basis for the Vizaq unit of the Rashtriya Ispat Nigam. Usha Iron has promoted a Rs 4500-cr steel plant in Karnataka in a joint venture with Ferrostal, Germany, International Finance Corporation (IFC) and Asia Development Bank (ADB). The new company proposes to export 40% of total pig iron production and 30% of its steel output. The company plans to set up a 2.25 MTPA Integrated Steel Plant in South Kanara District in Karnataka.