Finolex Cables Ltd is India's largest and leading manufacturer of electrical and telecommunication cables. The company offers a wide variety of Electrical and Communication Cables. They have also added Electrical Switches and Compact Fluorescent Lamps to their range of products. Their manufacturing facilities are located at Verna in Goa, Pune in Maharashtra and Roorkee in Uttarakhand.
Finolex Cables Ltd, the flagship company of the Finolex Group was incorporated in the year 1967. The company started their operation with the manufacture of PVC insulated electrical cables for the automobile industry. Over the years, the company has become the country's largest electrical and telecommunication cables manufacturer.
During the year 1988-89, the company signed a technical collaboration with Norddeutsche Seekable Werke, Germany, for manufacturing hi-tech special submersible cables. Also, they started commercial production at their new plant in Urse. Engineering Monitors (India) Pvt Ltd became the subsidiary of the company during the year. During the year 1992-93, Creole Holdings Company Ltd and Finolex Finance Ltd became the subsidiaries of the company.
During the year 1995-96, the company formed a joint venture with Essex Group Inc, USA and AT&T, USA for manufacturing Continuous Cast Copper Rods and with AT&T, USA for manufacturing Fibre Optic Cables respectively. During the year 1997-98, Finoram Sheets Ltd became the subsidiary company, since the equity contribution went up form 50% to 57.88%.
In December 1999, the company's manufacturing facility at Verna in Goa commenced their commercial production. During the year 1999-2000, the company acquired 50% shareholding of SX Mauritius Holdings Inc, Mauritius held in the joint venture company Finolex Essex Industries and hence Finolex Essex Industries became a wholly owned subsidiary of Finolex Cables and was renamed as Finolex Wire Products. Also, Finoram Sheets Ltd was amalgamated with the company during the year.
During the year 2001-02, the company acquired optic business of Finolex Technologies Ltd, which is engaged in the manufacture of Optic Fibre Cables. The Company's Optic Fibre Division undertook an expansion during the year, which was commissioned in September 2004.
During the year 2002-03, the company launched V-SAT Cables for V-SAT application for connecting the Dish to the Base Station. The company introduced a new variant of optic fibre cable called 'TOP Cable' wherein the glass fibres are totally encapsulated by extruded FRP sheath over the loose tube. They also introduced UPS Cables used for providing power from the UPS to the computer/ appliances in the networking environment.
During the year 2004-05, the company in collaboration with a Private sector insurance company introduced a personal accident insurance scheme for the benefit of the eligible electricians from all over the country. They also developed new products which includes, LAN cables, CAT 6 cable, LAN CAT SE cable and CAT 6 + UTP LAN cable.
During the year 2005-06, the company's subsidiaries namely Finolex Wire Products Ltd and Finolex Finance Ltd were merged with the company with effect from April 1, 2005. In August 2006, the company launched Finoglow, their brand of Compact Fluorescent Lamps. During the year 2006-07, the company launched 1.1 KV grade XLPE insulated and heat resistant PVC jacketed flat cable, LAN Cat-6 cable with ring type marking, 50 ohm coaxial cable with conductor dia 2.75 mm, 100 pair switchboard cable and RG11 coaxial cable with copper clad aluminium conductor.
During the year 2007-08, the company commissioned their high voltage power cables plant at Urse near Pune and thus added high voltage power cables upto 66 KV rating to their range of electrical cables. Also, they commissioned their CFL manufacturing facility at Urse near Pune.
In December 2007, the company entered into a joint venture agreement with J-Power System Corporation of Japan and formed as Finolex J-Power Systems Pvt Ltd for offering complete turnkey solutions in extra high voltage cable system in India and abroad. In January 2008, the company was awarded the prestigious trophy by Engineering Export Promotion Council for Star Performer as medium enterprise in the product group of miscellaneous electrical machinery and apparatus for outstanding contribution to engineering exports during the year 2005-06.
The company is in the process of expanding the manufacturing base for light duty electrical cables for use in construction industry, electrical panes wiring and consumer electrical goods. The plant is expected to go on stream in during the financial year 2008-09. The company has undertaken expansion of capacity of compounding plant and of various copper cable capacity at Urse at an estimated capital expenditure of about Rs 400 million. This project is expected to complete during the financial year 2008-09.
The company decided to expand the Compact Fluorescent Lamps capacity from 10 million units per year to 30 million units per year at an additional expenditure of Rs 30 million. They also have the intentions to further expand capacity to 100 million units per year.