CMI advances 5%; completes acquisition of General Cables Energy

Moneycontrol BureauShares of CMI rose 5.6 percent intraday Tuesday as it has completed acquisition of General Cables Energy India, Baddi, a fully owned subsidiary of General Cable Corporation.Post the acquisition, General Cables Energy India has became wholly owned subsidiary of CMI.The acquisition cost is of Rs 150 crore comprising mix of debt and equity.Amit Jain, MD of CMI said, "For us it is a win-win situation, wherein we are not buying just a facility but are also getting the best global standards in plant and machinery that goes with it.""The facility is likely to be operational by the first quarter of 2016-2017," as per company release.At 11:08 hrs CMI was quoting at Rs 310, up Rs 8, or 2.65 percent on the BSE.Posted by Rakesh Patil