Finolex Cables Rs 200 Cr Pune plant expansion plans revealed

Finolex Cables Rs 200 Cr Pune plant expansion plans revealed

Key Points of Finolex Cables Plant Expansion Plans:

  • Finolex Cables Ltd plans to set up a 5 MW captive solar power plant at its Urse manufacturing facility near Pune.
  • The investment for the project is estimated to be around Rs 40 crore and is expected to be commissioned within the next six months.
  • The solar power plant will provide electricity for internal consumption at the Urse facility and will be pooled with additional State Electricity Board (MSEDCL) supply for night-time operations.
  • The experience gained from setting up the captive solar power plant will help the company in setting up larger projects in the future.
  • The fibre optic business has good scope for growth with new government-initiated projects expected to spur demand in the sector.
  • Finolex Cables Ltd aims to be a “one-stop-shop” for any cabling need with a focus on quality and has expanded its range of products to include electrical switches and Compact Fluorescent Lamps (CFL) in addition to its core business.
  • The introduction of a uniform Goods and Service Tax (GST) by the government would help the industry with improved sales.

Details of Finolex Cables Plant Expansion Plans:

Finolex Cables Ltd, India’s leading manufacturer of electrical and communication cables, has announced plans to set up a captive 5 MW solar power plant at its Urse manufacturing facility near Pune. The investment for the project is estimated to be around Rs 40 crore and the plant is expected to be commissioned within the next six months.

The solar power plant will provide electricity for internal consumption at the Urse facility and will be pooled with additional State Electricity Board (MSEDCL) supply for night-time operations. According to Deepak Chhabria, Managing Director of Finolex Cables Ltd, the experience gained from setting up this captive solar power plant will help the company in setting up larger projects in the future.

Chhabria also stated that the fibre optic business has good scope for growth, with new government-initiated projects expected to spur demand in the sector. He mentioned that there are bright prospects for the segment growth in view of the government projects which envisage laying down of total underground network to be installed and handed over to the Defence services with an estimated investment of Rs 8,000 to 10,000 crore. Tenders for these projects have already been floated.

While acknowledging that the fibre optic sector is poised for significant growth, Chhabria noted that the country needs to spend more on infrastructure to expand the industry. He stated that the company aims to be a “one-stop-shop” for any cabling need with a focus on quality.

In terms of the company’s future plans, Chhabria mentioned that Finolex Cables Ltd is reinventing itself in large product portfolios in various segments. He believes that diversification is key to being better equipped. He also expressed his hope that the introduction of a uniform Goods and Service Tax (GST) by the government would help the industry with improved sales.

Finolex Cables Ltd has expanded its range of products to include electrical switches and Compact Fluorescent Lamps (CFL) in addition to its core business of electrical and communication cables.

About Finolex Cables:

Finolex Cables Ltd, a leading Indian manufacturer of electrical and telecommunication cables, is headquartered in Pune, Maharashtra. Established in 1958, it is the flagship company of the Finolex Group. In addition to cables, the company also produces polyvinyl chloride sheets for roofing, signage, and interiors.

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