 "CMI completes acquisition of General Cables Energy")
CMI Limited, a specialty cable manufacturer, yesterday announced the completion of the acquisition of General Cables Energy India Pvt Ltd (GCE) - a wholly-owned subsidiary of Fortune 500 company General Cable Corporation (GCC). GCE, with its facility located at Baddi (Himachal Pradesh), will now become a wholly owned subsidiary of CMI Limited.
A total outlay of Rs 150 crore has been earmarked for the project, which will be financed by a mix of debt and equity.
“CMI has also inherited GCC’s international processes and systems for manufacturing specialised cables, through this acquisition. For us it is a win-win situation, wherein we are not buying just the facility but are also getting the best global standards in plant and machinery that goes with it. With this acquisition of GCE, CMI will exponentially increase its manufacturing capabilities,” said Amit Jain, managing director, CMI Ltd.
The GCE acquisition is now complete and the facility is likely to be operational by the first quarter of 2016-2017. With this acquisition, CMI is likely to be among the leading manufacturers in the country, in the areas in which it operates.
General Cable, an industry leader and innovator for 170 years, is today one of the largest wire and cable manufacturers in the world. GCC is a global leader in the development, design, manufacture, marketing and distribution of copper, aluminium and fibre optic wire and cable products for the energy, industrial, specialty, construction and communications markets.
A total outlay of Rs 150 crore has been earmarked for the project, which will be financed by a mix of debt and equity.
“CMI has also inherited GCC’s international processes and systems for manufacturing specialised cables, through this acquisition. For us it is a win-win situation, wherein we are not buying just the facility but are also getting the best global standards in plant and machinery that goes with it. With this acquisition of GCE, CMI will exponentially increase its manufacturing capabilities,” said Amit Jain, managing director, CMI Ltd.
The GCE acquisition is now complete and the facility is likely to be operational by the first quarter of 2016-2017. With this acquisition, CMI is likely to be among the leading manufacturers in the country, in the areas in which it operates.
General Cable, an industry leader and innovator for 170 years, is today one of the largest wire and cable manufacturers in the world. GCC is a global leader in the development, design, manufacture, marketing and distribution of copper, aluminium and fibre optic wire and cable products for the energy, industrial, specialty, construction and communications markets.
GCE manufacturing facility, which can produce all types of cables that are currently being manufactured by CMI, is a certified Green Building with all the modern manufacturing facilities and machineries to make various types of cables.
The plant is designed to reduce waste, pollution, and environmental degradation with an energy efficiency of 20-30 percent as compared to other plants of similar size.
The plant is designed to reduce waste, pollution, and environmental degradation with an energy efficiency of 20-30 percent as compared to other plants of similar size.
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