Nicco To Set Up Rs 75cr Orissa Cable Unit

The plant would manufacture cables with a capacity of up to 220 kilo volts.

Nicco Parks and Resorts Ltd, meanwhile, has decided to shelve its plans for an amusement park in Chittagong, said Sen.

The group wanted 17 acres of land, but the Chittagong Municipal Corporation agreed to only 8 acres.

Though the site was ideally located in the heart of Chittagong, eight acres would have been too small, said Sen. But the group may reconsider the project if the Corporation agrees to allot the company 17 acres, he added.

As of now, Nicco is completing the formalities regarding the amusement park project at Nandan Kanan in Bhubaneswar. Work on the project will start in six months, and Sen hopes it will be completed by early 1998.

 

The Orissa state government has allotted the group 56 acres of land, 12 acres more than what they have in Calcutta.

Sen said that the company would invest not more than 60 per cent (almost Rs 5.5 crore) of what it has invested in Nicco Park, Calcutta.

This is because the number of people visiting the Bhubaneswar park is not likely to exceed 60 per cent of the total number of people visiting Nicco Park, Calcutta, he said. The group has embarked on a further capacity expansion at its telecom cable unit at Kalyani.

At a project cost of Rs 25 crore, the group intends to increase the capacity of the unit from 16 lakh conductive kilometres per year to 24 lakh ckm per year.

Out of the Rs 25 crore project cost, Rs 19 crore will come as loan from the Industrial Credit and Investment Corporation of India, while the balance Rs 6 crore will be through internal accruals, saidSen.

Nicco is also coming up with an optic fibre cables plant adjacent to its telecom cable unit at Kalyani.

Discussions with John Royle, US, for a possible technicalalliance, are said to be at an advanced stage.

The company is likely to go in for the manufacture of optic fibre rather than importing it.

In this case, Sen said Nicco might float a separate company as the project cost would be about Rs 70 crore.

On the other hand, should the company import optic fibre, the project cost would be to the extent of Rs 35 crore./right.asp"-->