CMI Ltd. bags order worth Rs 36 crore from GETCO
CMI Limited, has been awarded an order worth Rs 36.24 crore by Gujarat Energy Transmission Corporation Limited (GETCO). for supply of 66 kV XLPE cables. The order is revenue accretive and will be delivered within two quarters of FY2017-18. The cables for the new order will be manufactured at CMI’s newly acquired facility at Baddi, Himachal Pradesh.
Commenting on the same, Amit Jain, CMD, CMI Limited said “We are becoming a preferred partner for wires and cables for the utilities, including the power sector covering both transmission and distribution. Currently over 12 per cent of our total revenues come from the power sector and we expect that around 15 per cent of our revenues by 2019 will be from the segment. Our latest order from GETCO is another feather in our cap and we are going from strength to strength here.”
CMI Limited is already supplying power cables to NPCIL, BHEL, IOCL, ACME, MVVNL, PuVVNL, PVVNL, JdVVNL, JVVNL, AVVNL and other private/government clients.
In 2016, Power cables comprised of around 40 per cent of the total wire and cable market. The power segment is expected to grow the fastest at 47-50 per cent CAGR, driven by large government spending on power transmission and distribution. CMI hopes to reap a sizeable part of the business in this category.