LS Cable Completes Construction of Power Cable Plant in India
SEOUL, KOREA – LS Cable & System has completed the construction of a power cable plant in Bawal, Haryana, India by investing a total of USD35 million, a top executive of the company said. The power cable company held a ribbon-cutting ceremony for the completion of the plant on April 4 with 150 high-ranking government officials, business leaders and other guests. Among those who attended the event was Kim Joong-keun, Korean Ambassador to India, Pt. Shiv Charan Lal Sharma, Governor of Haryana, and Koo Ja-eun, Chief Operating Officer of LS Cable.
In an interview with Korea IT Times, Son Jong-ho, CEO of LS Cable & System, said, "Based on our accumulated technology and affluent experiences, we will participate in the electric power & communication infrastructure construction project that will contribute to India's economic growth the development of Indian companies. "Related to this, LS Cable will strengthen its portfolio of power products and persistently secure solution ability, including wire and wireless integrated networks."
Major items to be produced at the plant located on the lot of 200,000 square meters are 220kV-class power cables and optical composite ground wires (OPGW). "With the completion of the plant, LS Cable has been equipped with the capacity to produce USD 200 million worth of power cables and USD 100 million communication cables, emerging as a comprehensive cable manufacturing company in India," Son said. "At the same time, LS Cable has possessed all production and sales lines in both advanced and newly developing markets, including North America, China, India and Vietnam," said the CEO.
India, one of the world’s five biggest energy consumers, accounts for 3.7 percent of the world's total commercial energy consumption. A number of power generation projects went underway in India which needs massive amounts of electric power for the economic growth and development of communication services. "LS Cable plans to aggressively attack the value of the cable market, including ultra-high pressure cables and special cables for the industry, for which Indian companies have not yet equipped with the proper know-how," he said. "In addition, we are planning to introduce broadband wire and wireless communication equipment to enter the Indian communication market which shows a faster growth than the Chinese market. Through this project, our goal is to become the No. 1 cable maker in India with a turnover of KRW1 trillion won in 2020," he said.
In 2008, LS Cable established its locally incorporated firm, named LS Cable & System India; thus launching its communication cable production business in the country. Since 2007, it has been dispatching the Korean university students' service corps to India as a means of promoting cultural exchanges with India in early childhood education, school facility repair, and spots game and movie sectors.
"LS Cable will continue to develop world-class core technologies and find and implement the most efficient solutions based on our knowledge of the ever changing market conditions. We will work closely with our customers to continually innovate our products and services," Son added.