Italy's Prysmian Cables and Systems has acquired 51 per cent stake in Ravin Cables for about Rs.200 crore. Prysmian is a leading player in the power cabling segment and has operations in nearly 40 countries, while Ravin Cables sells low-and-medium voltage cables to customers in India, Africa and the Middle East.
According to Ravin Cables Chairman and Managing Director Vijay Karia: “The remaining 49 per cent would be with the promoters of the domestic entity. After the takeover of majority stake, the new company has been named as Ravin Cables Limited.” Luigi Sarogni has been appointed as CEO of Ravin Cables' India operations.
Stating that the company would focus on research and development in the areas of high-tech cables for utilities and specialised industrial cables, Mr. Karia said: “The Indian market currently lacks the technology and R&D base, which we are looking to capitalise on through the expertise of Prysmian.”
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“We will also set up new manufacturing facilities on a 25 acre land at our Pune plant to enhance the manufacturing ,” he added.