CMI acquires General Cables Energy

NEW DELHI: Cable manufacturing company CMI completed the acquisition of General Cables Energy (GCE), a fully-owned subsidiary of General Cable Corporation (GCC), a Fortune 500 company. GCE with its facility located at Baddi, in Himachal Pradesh, will now become a wholly-owned subsidiary of CMI.

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 specialized cables, through this acquisition”, says Amit Jain, Managing Director, CMI. He added that with this acquisition of GCE, CMI will exponentially increase its manufacturing capabilities.

"The facility is likely to be operational by the first quarter of 2016-2017. With this acquisition, CMI is likely to be amongst the leading manufacturers in the country, in the areas in which it operates, said Amit Jain.