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Finolex Cables Ltd has inked a Memorandum of Understanding (MoU) with the Department of Industries, Government of Maharashtra, solidifying its commitment to invest ₹580 crore in expanding its presence within the optic fibre cable industry in Maharashtra.
Aligned with Prime Minister Narendra Modi's vision of providing last-mile optical fibre-based connectivity to every village, this investment signifies Finolex Cables' strategic move to capitalise on the increasing demand for optic fibre cables (OFC). With the nationwide 5G rollout and growing demand for fibre-to-home connectivity, the company is gearing up to meet the surge in demand.
To bolster its capabilities, Finolex Cables plans to establish an additional plant exclusively dedicated to fibre optic cable production. This expansion initiative includes the installation of fibre draw towers and backward integration for glass preforms, essential in the fibre drawing process. Notably, Finolex aims to become the country's second manufacturer of glass preforms, a critical component for optical fibre production.
The proposed upgrade will double the Draw Tower capacity to 8 million fibre km per year, elevating the annual fibre optic cable capacity to 10 million fibre km. This expansion endeavour is anticipated to create over 400 direct and indirect job opportunities.
Under the MoU, the Government of Maharashtra pledges active support to Finolex Cables in obtaining the necessary registrations and approvals, facilitating the smooth implementation of the ambitious expansion project. The collaboration is poised to contribute significantly to the region's economic growth and employment prospects.
Mahesh Viswanathan, Deputy CEO and CFO of Finolex Cables Limited, expressed gratitude for the support from the government of Maharashtra and emphasised the company's commitment to fostering economic development and generating employment opportunities in the state.
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