Nexans to enter into JV with Polycab

Chennai, Feb 19 (UNI) Nexans, the worldwide leader in the Cable Industry, announced that it has signed a draft agreement with Polycab, the Indian leader in the Cable Industry for a Joint Venture (JV) with majority shares and would manage in cooperation with its Indian partner.

The JV to be headquartered in Mumbai, would initially concentrate on manufacturing and marketing of cables for the ship-building, material handling, railways and wind-power Industries, as well as for the marketing of cables manufactured by Nexans.

The JV was expected to sell 50-60 million euros by 2011 and Investment was needed for another 25 million.

Production could later be extended to high voltage terrestrial cables.

The JV was expected to commence production during the first quarter of 2009, a company release said here today.

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