Published On:February 26 2024
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"Finolex Cables Invests ₹580 Crore to Expand Presence in Maharashtra"

Finolex Cables Ltd has entered into a Memorandum of Understanding (MoU) with the Department of Industries, Government of Maharashtra, paving the way for an investment of ₹580 crore. This substantial investment marks Finolex Cables' strategic expansion within the optic fibre cables industry.

Aligned with the Prime Minister's vision of nationwide last-mile optical fibre-based connectivity, the investment anticipates a surge in demand fueled by the nationwide 5G roll-out and growing requirements for fiber-to-home connectivity.

The expansion initiative underscores Finolex Cables' commitment to enhancing its capabilities in the optic fibre cables sector. The company, currently boasting a fibre drawing capacity of 4 million fibre km per year and a cabling capacity of 8 million fibre km per year, plans to establish an additional plant dedicated exclusively to fibre optic cables.

The proposed upgrade includes the installation of fibre draw towers and backward integration for glass preform production, essential in the fibre drawing process. Finolex Cables aims to become the second company in India to manufacture glass preforms, doubling the Draw Tower capacity to 8 million fibre km per year and increasing the fibre optic cables' annual capacity to 10 million fibre km.

This expansion initiative is expected to create direct and indirect employment opportunities for over 400 individuals.

Under the MoU, the Government of Maharashtra has pledged active support in obtaining necessary registrations and approvals from relevant state departments. This collaboration aims to facilitate a seamless implementation of Finolex Cables' ambitious expansion project, contributing significantly to the region's economic development and employment opportunities.

Deputy CEO and CFO of Finolex Cables Limited, Mahesh Viswanathan, expressed gratitude for the government's support, emphasizing the company's commitment to the state's economic development and job creation. He also expressed optimism for the successful execution of the expansion project.

HBL





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