Ravin Cables inks JV with Prysmian Group
Ravin Cables, signed a joint venture (JV) with the Prysmian Group, the second-largest power cable company in the world, which has taken a 51 per cent stake in the company for Rs 200 crore. The remaining 49 per cent in the JV will be owned by Ravin Cables. The board of directors has appointed Vijay Karia as CMD and Luigi Sarogni as CEO.
Vijay Karia, CMD, Ravin Cables, said, "The Indian market currently lacks technology and R&D base, which we are looking to capitalise on by leveraging Prysmian's expertise. Our commitment is to establish a credible and sustainable range cable supplier in the Indian market, targeting a 10 per cent market share. We are committed to help India reduce its T&D losses which amount to over Rs 65,000 crore per year or 60,000 MW in terms of electricity."
Fabio Rameo, Chief Commercial Officer, Prysmian Group, when asked to comment on why Prysmian chose India and Ravin, said, "We believe that we, with Ravin, can combine our expertise. It (Ravin) has the understanding of the Indian market, has been one of the most relevant players, has the right contacts and it is a very good company to deal with local customers. We believe that by joining forces between a global expert and a local specialist we will be able to deliver to the country and to this industry a very good solution."
As told to R Srinivasan