Mumbai, Feb 19 (UNI) France-based cable company Nexans has entered into a joint venture with an Indian private sector company Polycab and will invest 25 million euros for manufacture and marketing of cables in India.
The JV company, in which the french group will have a majority stake, will initially cover manufacture and marketing of cables for the shipbuilding, material handling, railways and windpower industries as well as marketing of cables manufactured by Nexans that were not part of Polycab's portfolio and expect to generate sales of 50-60 million euros by 2011, the companies said at a joint press conference here today.
The joint venture will be headquartered in Mumbai, Nexans' Executive Vice President (Asia Pacific) Michel Lemaire said. ''We are planning to establish our first manufacturing facility in Daman, which will start its industrial production by the first quarter of 2009. Production can later be extended to very high voltage terrestrial cables'', he said.
The French group is also planning to foray into aeronautics, automotives and aircraft maintainance sector in India for which the company is in talks with potential companies, Mr Lemaire told UNI, Nexans is looking for a joint venture to enter these sectors in the country, he added.
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