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Last Updated : Apr 11, 2016 01:39 PM IST | Source: Moneycontrol.com

CMI up 6%, starts commercial production at Baddi facility

This facility is a part of the recently acquired General Cable Energy from fortune 500 company, General Cable Corporation.

 
 
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Shares of CMI rose 6 percent intraday Monday as it has started commercial production at its new facility at Baddi, Himachal Pradesh.

This facility is a part of the recently acquired General Cable Energy from fortune 500 company, General Cable Corporation.

"General Cable Energy is in the process of being merged with CMI, the scheme for which has already been approved by the board of CMI and awaiting statutory clearances," as per BSE release.

The company is expects to add Rs 1000 crore in capacity, with the commencement of this facility.

The commercial production at the facility has begun in a record time of 50 days, post acquisition.

Amit Jain, MD, CMI said, "With the commencement of production the company has now become one of the few players in India which has the capability of manufacturing speciality cables for wide ranging sectors, meeting stringent quality and test parameters for extreme condition usage."

At 13:29 hrs CMI was quoting at Rs 233, up Rs 7.50, or 3.33 percent on the BSE.

Posted by Rakesh Patil
First Published on Apr 11, 2016 01:39 pm
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