CAV. DOTT. JACOB ROSE
Director - Business Development
ITALTEC CONSULTING PVT LTD. ITALY'S BRIDGE TO INDIA
http://www.italtecindia.com/
Director - Business Development
ITALTEC CONSULTING PVT LTD. ITALY'S BRIDGE TO INDIA
http://www.italtecindia.com/
Prysmian SpA, the Italian cable manufacturer, has bought 51% stake in Pune-based cable maker Ravin Cables for Rs 200 crore (Euro 30.76 Million) in a move which will enable the Italian company to enter the US$3 billion Indian market.
Prysmian SpA, which has operations in 38 countries and workforce of 12,000, will invest around Rs 100 crore (Euro 15.38 Million) in Ravin by buying new shares. “This money, along with the foreign company’s technological know-how , will help Ravin to diversify into speciality cables,” said Ravin’s CMD Vijay Karia.
Mr Karia, who along with his family currently owns 72% in Ravin, will control 49% of the company’s expanded equity capital post the deal, and will remain chairman of the company. Prysmian will have the right to nominate the majority of the board members once the deal is completed. “We are very pleased to have found a well-reputed , well-managed and competitive partner in India, who is also present in the Middle East,” said Valerio Battista , Prysmian’s CEO, who came down to Mumbai on Tuesday to sign the deal.
"We look to Immediately embark on a growth strategy with a primary focus on the development in the Areas of high-tech cables for utilities and Specialised industrial cables. The tie-up with Ravin Also Allows us to Have a manufacturing presence in Another strategic market like the Middle East, "Said Mr. Battista. In Addition to the ITS manufacturing facility in Pune, Ravin Cables Also present is in the United Arab Emirates.
Prysmian SpA, which has operations in 38 countries and workforce of 12,000, will invest around Rs 100 crore (Euro 15.38 Million) in Ravin by buying new shares. “This money, along with the foreign company’s technological know-how , will help Ravin to diversify into speciality cables,” said Ravin’s CMD Vijay Karia.
Mr Karia, who along with his family currently owns 72% in Ravin, will control 49% of the company’s expanded equity capital post the deal, and will remain chairman of the company. Prysmian will have the right to nominate the majority of the board members once the deal is completed. “We are very pleased to have found a well-reputed , well-managed and competitive partner in India, who is also present in the Middle East,” said Valerio Battista , Prysmian’s CEO, who came down to Mumbai on Tuesday to sign the deal.
"We look to Immediately embark on a growth strategy with a primary focus on the development in the Areas of high-tech cables for utilities and Specialised industrial cables. The tie-up with Ravin Also Allows us to Have a manufacturing presence in Another strategic market like the Middle East, "Said Mr. Battista. In Addition to the ITS manufacturing facility in Pune, Ravin Cables Also present is in the United Arab Emirates.
0 comments:
Post a Comment