Prysmian Cavi E Sistemi Energia, an international provider of high-technology cables and systems for the energy and telecommunications sectors, has acquired a 51% equity stake in Ravin Cables. The acquisition was made through a combination of share purchases and share subscriptions for approximately Rs2 billion (US$44 million).
Ravin Cables is a leading India-based power cable manufacturer. It also has a manufacturing facility in the United Arab Emirate of Fujairah, which it holds through Power Plus Cable, a joint venture between Ravin Cables and the government of Fujairah. Prysmian boasts a global presence, having subsidiaries in 38 countries, more than 50 manufacturing facilities and seven research and development centres. The company is listed in the Blue Chip index on the Milan Stock Exchange.
For Ravin Cables, a key motivation behind the deal was to procure superior technology and to form a partnership with a leading global player. For Prysmian, the transaction offered an opportunity to enter the Indian market.
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