NEW DELHI, FEBRUARY 7: Finolex Cables today concluded adeal with American Telecom major, Lucent Technologies, to buy 51 per cent stake in Lucent-Finolex Fibre Optical Cable joint venture, Finolex Machines Private Ltd, for an undisclosed amount.With this, Finolex Cables would have 100 per cent stake in the joint venture, a rise from the current 49 per cent.The venture, which produces fibre optic cable for the Indian market, will continue to operate "as usual under the ownership of Finolex Machines and Finolex Cables, supporting all the company's contracts and agreements," a statement from the company officials said.Finolex Machines currently employs 39 persons at its plant in Pune. "This venture has played an important role in our ability to provide fibre infrastructure throughout the country for the past several years," Denys Gounot, president of cable systems for Lucent Technologies, said."We believe the company is well-positioned to remain aleader in India in supply and manufacture of fibre optic under Finolex's stewardship," he said. P P Chhabria, chairman of Finolex Group, said the company was making a foray in providing intelligence super highway for communication across India by establishing high speed broadband long distance network using optic fibre cable."We remain committed to the rapid moderinisation oftelecommunications throughout India," he said, adding the joint venture has provided customers with a more efficient means to purchase fibre optic cables."Optical fibre cables have enhanced our product range,and made our customers networks covering long distances and dense business areas more effient," he said.Finolex group, which has presence in telecommunications, petrochemicals, irrigation and power, is among the largest manufacturer of a wide range of cables, pvc pipes, pvc resin, continuous cast copper rods and drip irrigation systems in the country.
