Electrical Monitor

Finolex plans diversification

EM News BureauMonday, June 17, 2013, 17:51 Hrs  [IST]

Finolex Cables Ltd is reportedly planned to diversify into production of electric motors and transformers. The Pune-based company is acquiring around 40 acres of land in Gujarat, it is learnt. With an investment of Rs.100 crore, the plant is likely to be operational by FY15. Meanwhile, another plant for manufacturing switchgear is also on the anvil. The plant will initially make miniature circuit breakers. In September 2012, it may be recalled, Finolex set up a greenfield manufacturing facility for EHV cables at Shirwal near Pune. The plant has been set up by a 49:51 joint venture between Finolex and J-Power Systems of Japan. It recently received its first order, worth Rs.40 crore, from Maharashtra State Electricity Distribution Company Ltd.