CRI group enters high-end specialised wires, cable market

Mumbai, Aug 17 (PTI) Tamil Nadu-based pump manufacturerCRI group today said it has forayed into high-end specialisedwires and cables market with an investment of Rs 125 crore,and it aims to achieve a turnover of Rs 5,000 crore by 2021. "In the first phase, CRI has earmarked an investment of Rs125 crore for this project. This state of the art plant withintegrated cable compound manufacturing facility will haveproduction capacity to process over 10,000 tonnes of copperand produce products worth over Rs 500 crore per annum," CRIGroup Vice Chairman G Soundararajan said in a statement. In the second phase, the company plans to invest furtherto double the capacity in about 2-3 years time. Indian wires and cables industry’s market is estimated tobe around Rs 40,000 crore, of which CRI’s target segment’smarket potential is about Rs 14,000 crore. The target segment is expected to reach Rs 25,000 crore in2021 at a CAGR of 15 per cent and the company is eyeing atleast 4-5 per cent market share in the targeted wires andcables segment, which is expected to contribute Rs 1,100 croreto the revenues by 2021. PTI DS DKABKSRE