A captive 5 MW solar power plant will soon be set up by Finolex Cables Ltd at its manufacturing facility at Urse near Pune with an estimated investment of Rs 40 crore.
The proposed plant, expected to be commissioned within six months, will provide electricity for the internal consumption of the Urse facility, which would be pooled with additional State Electricity Board (MSEDCL) supply for night time operations.
“With this in-house experience (setting up of captive solar power plant) we can go ahead and set up larger projects in future,” company’s Managing Director Deepak Chhabria said, after the Finolex Cables’ Board meeting which approved the third quarter results yesterday.
Referring to the company’s future plans, Chhabria said there was good scope for growth in the fibre optic business as the new government initiated projects were expected to spur the demand in the sector.
“There are bright prospects for the segment growth in view of the government projects which envisage laying down of total underground network to be installed and handed over to the Defence services with an estimated investment of Rs 8,000 to 10,000 crore,” he said.
“Tenders are already floated for these projects,” Chhabria added.
While noting that the fibre optic sector was poised for significant growth, he said that as a country “we need to spend more on infrastructure to expand the industry.”
Articulating the company philosophy, he said, “We are reinventing ourselves in large product portfolio in various segments. If you are diversified, you are better equipped.”
He said the company aimed at being “one-stop-shop” for any cabling need with concentration of quality.
In reply to a question, Chhabria said if the government introduced uniform Goods and Service Tax (GST), it will help the industry with improved sales.
Finolex Cables Ltd is considered India’s largest and leading manufacturer of electrical and communication cables who have also added electrical switches and Compact Fluorescent Lamps (CFL) to its range of products.