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Wednesday December 12, 8:57 AM
India's Nicco to Form Cable JV With Italy's Prysmian GroupMUMBAI, Dec 12 Asia Pulse - Electrical cable manufacturer Nicco Corporation (BSE:590028) said it will set up a joint venture company with Italy's Prysmian group to cater to the Indian cable market. Prysmian, a global player in energy and telecommunications cables industry, would hold about 60 per cent stake, while Kolkata-based Nicco corporation would pick up 40 per cent stake in the JV company.
Nicco Cables would acquire the cable business from Nicco Corporation for Rs 1.30 billion (US$33 million). The transaction would also result in the transfer of debt relating to the cable business from Nicco Corporation to the JV company. The board of the JV company would include five directors, three of them including the managing director would be appointed by Prysmian and two of them, including the Chairman, would be named by Nicco. Nicco chairman Rajive Kaul would be the Chairman of the JV company while Prysmian would be responsible for managing the joint venture operations. Shares of Nicco Corporation were trading at Rs 41.45, up 4.94 per cent on the BSE in afternoon trade. (PTI)
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