Prysmian to take majority stake in jv with India's Nicco Corp |
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Published
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Tue, 31 Jul 2007 16:27
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MILAN (Thomson Financial) - Prysmian SpA said it has signed an agreement with India's Nicco Corporation to take a majority stake in a joint venture being set up to take over all the cable sector activities of Nicco.Prysmian's board has today approved preliminary details of the operation, which is subject to definitive talks, approval by Nicco's debt lenders, and clearances by regulators, it said.The deal is 'seen closing by the end of the first half of 2008. Nicco will stay a minority shareholder in the new joint venture,' Prysmian said.Nicco's cable division has two production plants, six offices in the main urban centres, and employs 900 staff, it said.Nicco is active in the full range of medium and low voltage energy cables for various types of users, it said.Most recent annual sales were 55.2 mln eur.nigel.tutt@thomson.comnt/gpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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