Finolex Cables, Pune-based firm is planning to enter into electrical products business and it is likely to establish a new unit to manufacture electrical equipment such as motors and transformers. The entity will be changing its 50-odd-year legacy of being a manufacturer of cables to have a broad-based product range and multiple products in each category.
The company has decided to set up the new plant in Gujarat and in talks to acquire around 30-50 acres near Baroda for this. Finolex is likely to spend around Rs 100 crore and plans to commission this project by FY15.
