GHM edia
B usiness
|Article|
The company’s
vision is to become
one of the world’s
leading cable
manufacturers
by utilizing
state-of-the-art
manufacturing
facilities and best-
in-class resource
pool.
Limited, a wholly owned subsidiary of
CMI Limited. This plant is a state of the
art manufacturing Green certified facility in
India and is the only silver certified green
project in India to manufacture cables. This
facility was designed and built in compliant
with Indian Green Building Council standard
which reduces their overall impact on the
environment. The plant is spread over a
land area of 20 acres with a possibility of
further expansion within the same premises
whenever required. At present this plant has
the capacity to manufacture cables and wires
up to tune of Rs. 1000 Crores, which is almost
three times as of Faridabad plant. With the
best of efforts put in by the management
this Baddi plant was made operational again
within the six months of its acquisition in
September, 2016.
For a better working of both the companies
a merger between the two Companies
was planned. The proposed amalgamation
enables pooling of physical, financial and
human resource of these Companies for the
most beneficial utilization of these factors in
the combined entity.
As a result , the Board of Directors of the
Company, at its meeting held on May 21,
2018, considered and approved a scheme
of amalgamation (“Scheme”) pursuant to
sections 230 to 232 and other relevant
provisions of the Companies Act, 2013,
providing for the merger of its wholly owned
subsidiary, CMI Energy India Private Limited
(“Transferor Company”) with CMI Limited
(“Transferee Company) which was further
approved by shareholders at the Extra-
Ordinary General Meeting held on July 28,
2018. The Scheme was subject to necessary
statutory and regulatory approvals under
applicable laws, including approval of the
National Company Law Tribunal in India.
The Hon’ble National Company Law Tribunal
(NCLT), vide its Order dated April 03, 2019,
approved the Scheme of Amalgamation.
The Amalgamation now will result in usual
economies of a centralized and a large
company including elimination of duplicate
work, reduction in overheads, better and
23 | may-june 2019
Global
MDA
Journal
more productive utilization of human and
other resource and enhancement of overall
business efficiency. It will enable these
Companies to combine their managerial and
operating strength, to build a wider capital
and financial base and to promote and secure
overall growth of their businesses.
The said Scheme will contribute in fulfilling and
furthering the objects of these Companies.
It will strengthen, consolidate and stabilize
the business of these Companies and will
facilitate further expansion and growth of
their business. The resulting amalgamated
company will be able to participate more
vigorously and profitably in the competitive
market scenario.
Commenting on the order received for
Amalgamation, Amit Jain, Chairman and
Managing Director, CMI Limited said, “Really
happy with the judgment, it will enable these
Companies to combine their managerial and
operating strength, to build a wider capital
and financial base and to promote and secure
overall growth of their businesses.”
With a pledge to follow ethical business
practices and be honest in all business
dealings Companies mission is to achieve
sustainable growth by delivering high-
quality, innovative products that meet new,
undefined or existing market needs in unique
ways. The Company is sure of achieving
this by fostering innovation which helps it
to stay ahead in the competition, provide
meaningful differentiation and gain increased
recognition in the wires and cables industry.
The company’s vision is to become one of
the world’s leading cable manufacturers
by utilizing state-of-the-art manufacturing
facilities and best-in-class resource pool.
The Company aims to be the first choice
amongst significant players in the specialty
cable manufacturing industry by delivering
products
which
exceed
customers’
expectations. The company’s priority is
to maximize shareholders value through
product development, improved efficiency
and open culture within the Company.
www.cmilimited.com
Global MDA Journal