Finolex Cables Invests ₹580 Crore to Expand Presence in Maharashtra

Finolex Cables Ltd has sealed a Memorandum of Understanding (MoU) with the Department of Industries, Government of Maharashtra, signaling its intent to invest ₹580 crore in expanding its footprint within the optic fibre cables industry.

This strategic move aligns with the national agenda of extending last-mile optical fibre-based connectivity to every village, in line with the Prime Minister's vision. Anticipating a surge in demand fueled by the nationwide 5G rollout and increasing need for fiber-to-home connectivity, Finolex Cables is positioning itself to meet this demand head-on.

The investment plan involves the establishment of a new plant dedicated exclusively to fibre optic cables, augmenting Finolex Cables' existing capacity. This expansion initiative includes the installation of fibre draw towers and backward integration for glass preform production, a critical component in the fibre drawing process.

By doubling the Draw Tower capacity to 8 million fibre km per year and enhancing the fibre optic cables’ annual capacity to 10 million fibre km, Finolex aims to become the country's second manufacturer of glass preforms. This ambitious project is expected to create over 400 direct and indirect job opportunities.

Under the MoU, the Maharashtra Government pledges active support to Finolex Cables in obtaining requisite registrations and approvals. This collaboration is poised to facilitate a smooth implementation of the expansion project, contributing significantly to regional economic growth and employment.

Deputy CEO and CFO of Finolex Cables Limited, Mahesh Viswanathan, expressed gratitude for the Maharashtra Government's support, affirming the company's commitment to the state's economic development and job creation.

HBL