CMI Limited announces the completion of the Acquisition of General Cables Energy India Pvt. Ltd
CMI Limited announces the completion of the Acquisition of General Cables Energy India Pvt. Ltd., Baddi, a fully owned subsidiary of General Cable Corporation (GCC), a Fortune 500 company.
- (1888PressRelease) March 02, 2016 - CMI Limited, the leading BSE listed specialty cable manufacturing company, today announced the completion of the acquisition of General Cables Energy India Pvt. Ltd. (GCE) a fully owned subsidiary of General Cable Corporation (GCC), a Fortune 500 company. The company with its facility located at Baddi, in Himachal Pradesh, will now become a wholly owned subsidiary of CMI Limited.
A total outlay of Rs.150 Crores 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 specialized 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", says Mr. Amit Jain, Managing Director, CMI Ltd. "With this acquisition of GCE, CMI will exponentially increase its manufacturing capabilities".
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 amongst the leading manufacturers in the country, in the areas in which it operates.
General Cable (NYSE:BGC), 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 facilities can manufacture all types of cables that are currently being manufactured by CMI. The new facility has the facilities to manufacture Extra High Voltage Cables, HT Aerial Bunched Cables, HT & LT Cables(EPR/XLPE/PVC),Signalling Cables, Air field Cables, PTFE , Balise Cables, Co-Axial Cables, LSZH/TPU Sheathed Control Cables, Railway Signalling & Power Cables, Indoor Signalling Cables, 0.9 & 1.4mm Conductor Axle, Counter Quad Cables for Railways, Jelly Filled Telecom Cables, Rubber Cables, Thermocouple Cables Individual/ Overall - Shielded/ Braided Instrumentation Cables, Fire Alarm/ Signal/ Control/ Screened Cables, Telecom/ Power Cables with FRLS/LSZH, House Wires, Fire Resistant/ Fire Survival Cables, FR/ FRLS/ LSZH/ HFFR Cables, Automobile Wiring, Welding Cables, Field Bus Cables, PCM Cables, Profibus, PIJF Telecom Cables, Data Cables, Telephone Cables, Submersible Cables, Antitheft Cables, Specialty Cables for SMART Cities, Shipboard Cables, Naval Ship Cables, Braided Cables, Mining Cables, DC Cables, Composite Cables, Underwater Cables, Solar Cables, Overhead Conductors - AAC, AAAC at the new facility at Baddi.
GCE manufacturing facility is spread over an area of 80,000 sq meters. It's a certified Green Building with all the Modern and state of art manufacturing facilities and machineries to manufacture various types of cables. Plant is designed to reduce waste, pollution, and environmental degradation with an energy efficiency of 20-30% as compared to other plants of similar size.
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