Reaction of Mr. Amit Jain, MD, CMI Ltd, BSE listed specialty cables company on Railway Budget 2016-17

"The Railway budget proves the pro reform agenda of the Modi Government and is futuristic. The emphasis on modernisation and providing customer delight is something that every Indian Railway traveller has been dreaming about. The focus on infrastructure development and ensuring last mile connectivity across the length and breadth of the country augurs well for the Indian economy. The focus on funding by creating efficiencies in the Railway system and not burdening the customer by increasing fares or freight rates is a laudable step by the honorable Railway Minister.

The focus on electrification, laying of fresh railway lines and upgradation of existing Railway infrastructure presents huge opportunity for CMI as a company. Railways is already our largest customer and we have been strengthening our product portfolio of specialised cables catering to this sector. We believe that with this government committed to huge capex on Railways, CMI will quadrapule its turnover in the next 3-5 years."

CMI Limited is a leading specialty cables manufacturing company. CMI Limited is listed on BSE (BSE Code: 517330) and closed the year 2014-15 with revenues of Rs. 137.28 Cr.

CMI Limited, incorporated in 1967, commenced business in 1969 as a copper trading company and in early seventies started wire drawing of non–ferrous metals especially copper. In 1980, CMI diversified its activities by setting up facilities for the manufacture of Dry Core Telecommunication Cables. CMI slowly shifted emphasis from copper trading to cable manufacture, where value addition was higher. With the aid of its in–house research and development, the company started the manufacture of Fire Resistant Low Smoke Cables, Instrumentation cables, Control cables and in 1990, commenced the production of JFTC.

The current promoters acquired the company, which was then a loss making sick company, from its erstwhile promoters in 2002. In the last 13 years, the company has not just come out of the red, but is also registering cash profits. From Rs. 5.6 Cr revenues in 2004-05, the company closed 2014-15 with revenues of Rs. 137.28 Cr.

Under the new promoters, the focus shifted to new product development with the focus on latest technologies.

Today, CMI manufactures a wide variety of cables for infrastructure, Railways, Oil & Refinery industries, Engineering Companies, EPCC contractors, and the like. CMI’s satisfied customers include Railways & its subsidiaries like IRCON. RITES, MRVC, Konkan Railways, DLW, DMRC & other metros; Oil & Refinery industries like IOCL, BPCL, BORL, GAIL, MRPL, HPCL, ONGC; Leading Government companies like EIL, ISRO, BHEL, NLC, NTPC, NPC, BSNL / MTNL and HEC; Private Sector EPCC companies like L&T, Alstom, Siemens, Hitachi, Linde, Thales, Lurgi, Technip and ABB; Steel plants like Vishakhapatnam Steel Plant, Bhushan Power & Steel, etc. CMI has also exported cables to Sri Lanka, Bangladesh & Iran Railways.

CMI is now manufacturing wide variety of cables including Railway Quad cables, Signaling cables, Ballise cable for Train protection & warning system, Fire survival cables, LSZH / FRLS sheathed cables, Control & instrumentation cables, Cables with TPU sheath, PTFE cables, Special cables for multi object tracking radar, Fire alarm & communication cables, PIJF telecom cables, EPR/CSP/PCP insulated & sheathed Rubber cables, Linear Heat sensing cables, etc.

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This release was published on openPR.