The Plan is to manufacture 200,000 fans a month
August 11, 2015
Finolex Cables plans to enter into the Fan business by setting up a new facility during the year with a capacity to manufacture about 200,000 fans per month. The board of directors at their meeting held on August 10, 2015 have approved for the same.
The board also approved to make additional investment in production facilities at Urse to expand its cable range. Both the above investments would primarily be from internal accruals and would require an investment of about Rs 125 crore.
Finolex Cables is part of the diversified Finolex Group. The company manufactures wide range of cables such as PVC insulated electrical cables, Flameguard – FRLS cables, auto and battery cables, PVC winding wires, jelly-filled telephone cables, LAN cables, switchboard cables. It is India’s largest and leading manufacturer of electrical and telecommunication cables.
Finolex Industries reported a 39.94 percent rise in net profit at Rs 70.25 crore for the quarter ended June 30. The company’s net profit in the corresponding quarter of the previous fiscal was Rs 50.20 crore, Finolex Industries said in a regulatory filing. The total income from operations dropped to Rs 633.38 crore, over Rs 662.71 crore in the year-ago period, it said. The total expenses declined to Rs 518.51 crore, over Rs 551.78 crore in the corresponding quarter of the previous fiscal.
