New Delhi, Dec.7 (ANI): Ravin Cables, one of India's largest exporters of power cables, has formed a joint venture with the Italy-based Prysmian and cable system,the second largest power cable company in the world.
Vijay Karia, Chairman and Managing Director of Ravin Cables, revealed that Prysmian Cables and Systems has picked up majority 51 per cent stake in his company (About Rs.200 crore) to tap the growth potential of Indian market. Ravin Cable will own the remaining 49 per cent in the joint venture.
Karia said all necessary fiscal permissions have been obtained from the Reserve Bank of India and other financial institutions.
Luigi Sarogni will be the CEO of the Indian operations, while Karia will be the chairman and managing director of the new joint venture.
Prysmian has operations in 39 countries and a work-force of 12,000 globally.
Ravin Cables registered a turnover of Rs 325 crore in fiscal 2009-10.
Ravin Cables sells low-and-medium voltage cables to customers in India, Africa and the Middle-East.
Some of its Indian clients include Bharat Heavy Electricals, the Nuclear Power Corporation of India, Uttaranchal Power, Infosys Technologies, Reliance Infocom,Godrej Properties and Asian Paints.
According to Karia, the company has set an ambitious sales target of 1200 crores for the next three years by enhancing its market share from present three percent to ten percent. (ANI)