Finolex Cables expands its footprint in Maharashtrawith Rs 580 crinvestment

Jammu Tawi: Finolex Cables Ltd., a key player in the optic fibre cables sector, has taken a substantial leap towards fostering economic growth and development by formalizing a Memorandum of Understanding (MoU) with the Department of Industries, Government of Maharashtra. This strategic partnership sets the stage for Finolex Cables' significant investment of Rs. 580 crores, marking a noteworthy milestone in the company's expansion efforts within the optic fibre cables industry.The envisioned investment is strategically aligned with the Honorable Prime Minister's vision of providing last-mile optical fiber-based connectivity to every village in the country. Anticipating a surge in demand, Finolex Cables is positioning itself to cater to the increasing need for optic fibre cables (OFC), fueled by the nationwide 5G roll-out and the growing requirement for fiber-to-home connectivity.HighlightingFinolex Cables' commitment to fortifying its capabilities and product range in the optic fibre cables sector, the company, currently possessing a fibre drawing capacity of 4 million fibre km per year and a cabling capacity of 8 million fibre km per year, is set to establish an additional plant dedicated exclusively to fibre optic cables. This expansion initiative encompasses the installation of fibre draw towers and the implementation of backward integration for the production of glass preforms, crucial in the fibre drawing process. 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 thesupport from the Government of Maharashtra, and we look forward to a seamless and successful implementation of our expansion project.“In order to augment the OFC business further, the company has also opened EPC division for executing orders for laying fibre -optic cable networks in various locations all over the country. The business has already commenced in Gujarat and is expected to be expanded to other geographies soon.