CMI acquires General Cables Energy India
Specialty cable manufacturing company, CMI Ltd recently 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 Ltd. 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.