Polycab in JV with Nexans

The world?s largest cable maker, French-based Nexans, has formed a joint venture with the Mumbai-based Polycab Wires to make rubber cables. The venture will initially invest $37 million to make cables for the shipbuilding, railways and wind power industries.

“Industrial and infrastructure cables are significant assets for the future of joint venture. Initially we will focus these two segments, the JV will set up a manufacturing facility in Daman to cater to domestic needs,” Indian operations? director, Jean Nicolai said. Polycab currently has sales of over $500 million with 10 manufacturing facilities. The Rs 7,000-crore cable industry has been growing at over 25% on a per annum basis.

Nicolai said that the venture, which will be majority-owned by Nexans, will start production in the first quarter of 2009 and expects sales of 50-60 million Euros by 2011.