India/Denmark: Specialty cable manufacturer CMI Ltd has acquired one of Denmark-based FLSmidth's manufacturing plants in Bawal, Haryana to cater to the growing demand of its products.
CMI plans to invest US$3.02m on the acquisition, which is expected to significantly augment the company's production capacity. The company intends to start production in the new facility within the current financial year. The facility possesses all the necessary clearances and equipment required for industrial production. CMI's net profit rose by 168% to US$429,133 in the quarter that ended on 30 June 2015 and its revenues were US$20.7m.
CMI, which was formerly known as Choudhari Metal Industries, was incorporated in 1967. The company was initially engaged in copper metal trade and copper melting and rod casting and later diversified to the cables business. It currently makes different types of cables to meet the demand of core infrastructure sectors in India like telecommunication, railways, shipbuilding and petrochemicals.