Mahesh Viswanathan, the chief executive of Finolex Cables, described the allegations as false and being spread at the instance of Prakash Chhabria, the cousin of Finolex Cables chairman Deepak Chhabria and chairman of Finolex Industries.
A family spokesperson for Prakash Chhabria said the Pune Police has registered a case based on Deepak Chhabria’s complaint over a family dispute ongoing since 2016.
Finolex Industries is aiming to double its turnover to Rs 5,000 crore in the next 3-4 years on the back of strong demand expected from both agri and non-agri segments.
Finolex Industies‘ new plant at Masar is expected to increase the company‘s production capacity by 25 percent. Speaking to CNBC-TV18 chairman Prakash Chhabria said Finolex's margins may boost to 11 percent in FY14.
In an interview to CNBC-TV18, Prakash Chhabria, executive chairman, Finolex Industries said the road ahead for Finolex looks good. The turnaround is durable he says because they now have control on their power, finance costs.