CMI ac­quires Gen­eral Ca­bles En­ergy In­dia

Power Watch India - - DESPATCHES FINANCE -

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.

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