CMI Limited, the BSE & NSE Listed Specialty Cable company, has been awarded an order worth Rs. 36.24 crores by Gujarat Energy Transmission Corporation Limited(GETCO). for supply of 66KV XLPE cables.
The order is revenue accretive and will be delivered within two quarters of 2017-18. CMI Limited recently started commercial production at its newly acquired facility at Baddi, Himachal Pradesh, which was a subsidiary of General Cable Corporation, a Fortune 500 company. The cables for the new order will also be manufactured at the new facility.
Mr. Amit Jain, CMD, CMI limited said "We are becoming a preferred partner for Wires and Cables for the Utilities, including the power sector covering both transmission and distribution. Currently over 12% of our total revenues come from the power sector and we expect that around 15% of our revenues by 2019 will be from the segment. Our latest order from GETCO is another feather in our cap and we are going from strength to strength here".
CMI Limited is already supplying power cables to NPCIL, BHEL, IOCL, ACME, MVVNL, PuVVNL, PVVNL, JdVVNL, JVVNL, AVVNL and other private/ government clients.
In 2016, Power cables comprised of around 40% of the total wire and cable market. The power segment is expected to grow the fastest at 47-50% CAGR, driven by large government spending on power transmission and distribution. CMI hopes to reap a sizeable part of the business in this category.
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