Finolex Cables Makes Major Investment of Rs. 580 Crores to Expand Presence in Maharashtra
Finolex Cables Ltd., a prominent player in the optic fibre cables industry, has entered into a formal agreement with the Department of Industries, Government of Maharashtra, signaling a significant step towards promoting economic growth. This partnership involves a substantial investment of Rs. 580 crores by Finolex Cables, representing a significant milestone in the company’s expansion efforts in the optic fibre cables sector.
Aligned with the vision of the Honorable Prime Minister to extend optical fiber-based connectivity to every village in India, this investment anticipates the surge in demand driven by the nationwide 5G rollout and the increasing need for fiber-to-home connectivity.
Finolex Cables plans to establish a new plant exclusively dedicated to fibre optic cable production to strengthen its capabilities and product range in the optic fiber cable sector. This initiative includes installing fibre draw towers and backward integration for glass preforms production, crucial for the fibre drawing process, in line with the objectives of the Government of India’s Make in India program.
By becoming the second company in India to manufacture glass preforms, Finolex Cables aims to double its Draw Tower capacity to 8 million fibre km per year, thereby increasing the annual capacity of fibre optic cables to 10 million fibre km. This expansion is expected to create direct and indirect employment opportunities for over 400 individuals.
Under the terms of the agreement, the Government of Maharashtra will actively support Finolex Cables in obtaining necessary registrations and approvals from relevant state departments. This collaboration is poised to facilitate a smooth implementation of Finolex Cables’ ambitious expansion project, contributing significantly to the economic development and employment opportunities in the region.
Speaking on this occasion, Finolex Cables Limited, Deputy CEO & CFO, Mahesh Viswanathan, expressed enthusiasm about the expansion plans and the collaborative effort with the Government of Maharashtra. “This strategic investment reinforces our commitment to contribute to the state’s economic development and create employment opportunities. We are grateful for the support from the Government of Maharashtra, and we look forward to a seamless and successful implementation of our expansion project.”
To enhance its OFC business, the company has launched an EPC division to handle orders for installing fibre-optic cable networks across different parts of the country. The division has already begun operations in Gujarat and is anticipated to expand to other regions in the near future.