CMI Limited, the leading BSE listed specialty cable manufacturing company, today announced the acquisition of the fully developed manufacturing facility of Danish company FL Smidth at Bawal, Haryana.
Spread over 11235 sq. yards with built up area of 67000 sq. ft, the facility is located in the Industrial area of IMT, Bawal and has all the necessary clearances and facilities for Industrial production.
CMI Ltd is investing INR 200 million on the acquisition and setting up of the facility at Bawal. The company intends to start production in the new facility within this financial year.
Commenting on the developments, Amit Jain, Managing Director, CMI Ltd said, “This is a new phase in the history of CMI. We are very bullish on the sector and are targeting a CAGR of 40% going forward for the next 3-5 years. The acquisition is a step in that direction and will help CMI enhance its Production Capacity in order to achieve the desired growth”.