CMI to set up cables manufacturing unit in Haryana

CMI Limited, a specialty cables manufacturing company, has acquired the fully developed facility of Danish company FL Smidth at Bawal (Haryana) for setting up a setting up a new manufacturing plant to cater of growing demand for its products.
 
CMI Ltd is planning to invest approximately Rs 20 crore on the acquisition and setting up of the facility at Bawal. The investment in the new plant, which is expected to start production within this financial year, is expected to significantly augment the production capacity of CMI.
 
Amit Jain, managing director, CMI Ltd, commented, “This is a new phase in the history of CMI. We are very bullish on the sector and are targeting a CAGR of 40% going forward for the next 3-5 years. The acquisition is a step in that direction and will help CMI enhance its production capacity in order to achieve the desired growth.”