Specialty cable manufacturing company CMI Limited announced the acquisition of the fully developed manufacturing facility of Danish company FL Smidth at Bawal, Haryana. Spread over 11,235 sq. yards with built-up area of 67,000 sq. ft, the facility is located in the Industrial area of IMT, Bawal and has all the necessary clearances and facilities for Industrial production.
CMI Ltd. is investing Rs 200 million on the acquisition and setting up of the facility at Bawal. This investment is expected to significantly augment the production capacity of the company. The company intends to start production in the new facility within this financial year. Commenting on the developments Amit Jain, Managing Director, CMI Ltd. said, “This is a new phase in the history of CMI. We are very bullish on the sector and are targeting a CAGR of 40 per cent going forward for the next 3-5 years. The acquisition is a step in that direction and will help CMI enhance its production capacity in order to achieve the desired growth.”
CMI manufactures a variety of specialty cables for infrastructure, railways, oil and refinery industries, engineering companies, EPC contractors etc.