Finolex Cables Limited has announced the allocation of INR 200 crores towards the enhancement of manufacturing capabilities of its Urse, Pune manufacturing unit. The capex investment is one of the steps taken by the company to achieve its market and growth strategy targets.
April 19, 2023
Finolex Cables Limited, India’s leading manufacturer of electrical and telecommunication cables, has allocated a capex of INR 200 crores over the next few months for enhancing its manufacturing capabilities at Urse, Pune. The investment includes enhancement of production capabilities to meet the requirements of the solar power industry and the automotive industry, bringing in-house certain value additions which were earlier outsourced, and further expansion of the Optic Fiber line.
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Finolex’s market and growth strategy enables it to remain at the forefront of the Indian electrical, wires, and cables industry by providing focused and innovative solutions.
The company has procured specialized radiation technology equipment to set up a manufacturing plant at Urse to produce solar cables using controlled electron e-beam technology, enabling Finolex to produce high-quality solar cables and add value to the solar power industry. Recently, in a move towards backward integration, the company set up a Copper Rod manufacturing facility at Goa and in-house PVC compound manufacturing facilities at Urse, Pimpri, and Roorkee plants. The company’s Goa plant received additional machinery to meet the demand for its PVC conduits, enabling Finolex to establish business relationships with project developers.
The company also manufactures Flame Retardant Low Smoke (FR-LSH) electrical wires, which emit very little smoke and toxic gases and retard the spread of fire, making them ideal for safety-conscious consumers.
Urbanization along with investments in the power sector has resulted in a large demand for High Voltage (HV)/ Extra High Voltage (EHV) Power cables. Finolex’s J Power Systems manufacturing facility is well-equipped to produce EHV XLPE (Extra High Voltage Cross Linked Poly Ethylene) Insulated Power Cables as it is the only plant in India to have a 121-meter-long vertical column. Finolex has also been successful in exporting EHV cables to countries like Indonesia, Myanmar, Kuwait, etc., helping meet the Government of India’s Atmanirbhar initiative.
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Finolex is focused on setting up a robust two-tier distribution model to ensure its products are available on the store shelves of many more retail outlets across the country. Its ambitious plan is to enhance retail outreach to 200,000 retailers, by adding 50,000 retailers over the next three months, by the end of the financial year, which will drive the conversion of the largely unorganized market to the branded universe of quality products that offer better performance and higher service levels.
