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Finolex Cables is eyeing 10-12 per cent growth in its auto cables business, according to Mahesh Viswanathan, Deputy CEO and CFO, Finolex Cables.
Speaking to businessline Viswanathan said, ‘‘We see the auto industry’s growth momentum continuing at 11-12 per cent. Our auto cables business is also growing along the same lines at 10-12 per cent.”
Finolex is also working on tripling the auto cable capacity at its Uttarakhand plant. The expansion should be completed by the end of this calendar year, he added.
Along with expansion plans in Uttarakhand, the E Beam facility in Pune will help it enhance its EV cables, said Viswanathan.
“We anticipate the Indian EV industry to grow and mirror global Industry trends. The acceptance criteria for components of EV Cables is quite rigorous. We are currently navigating multiple assurance steps. Additionally, we are set to launch our E Beam facility, a development that will enhance our ability to produce EV cables,” he added.
Viswanathan added that the company had recently ramped up cabling capacity in Goa, leading to the establishment of a new PVC compound plant to support this expansion.
‘This plant will cater specifically to our E-beam-treated products, eliminating the need for compound transportation and ensuring specialised compounds for our requirements. Our total capital expenditure for these growth initiatives is estimated at Rs 500 crore, primarily allocated over the next two to three years, with a significant portion planned for FY 2024-25 and some extending into FY 2025-26. These investments aim to strengthen our manufacturing capabilities, enhance product quality, and expand our market reach, driving future growth,’ he added
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