After a closure of four years, the Indian Cable Company Industries Ltd (Incab) has resumed production from May 7 as a joint venture with Universal Cable, Malaysia.
Incab, manufacturers of jelly-filled cables having the only plant in the country for CTC and sophisticated copper fabrication facilities, has already received orders from Australia, Europe and the Middle East.
Production has increased in the Jamshedpur and Pune factories of the company, which have sufficient stock of raw materials, said PK Saraf, the NRI promoter of the company.
Saraf, who was elected vice-chairman and managing director of Indian Cable Company by the companys board, said Incab owed Rs 160 crore to creditors and had insufficient asset backing and a piddly share capital of only Rs 13 crore.
The lead financial unit, ICICI; the trustee of the assets of the company and other financial institutions had restructured the board and inducted new promoters on March 23, Saraf said.
The company had to take Rs 35 crore as unsecured loan, while bankers liability reached Rs 84 crore, he said.
Incab, established in 1920, was declared sick and production stopped in spite of having a ready market at home and abroad.
For upgradation of Incab, Saraf said the new management has entrusted overseas engineers for complete inspection of machinery.
Technological upgradation would see the return of the company as the leading cable manufacturer of the country, he added.
