1997 The former Hitachi Cable News Release
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Hitachi Cable, Ltd. to establish a new Joint Venture for Optical Fiber Cable in India.
Hitachi Cable, Ltd., a leading cable manufacturer in the world, revealed that a joint venture agreement was signed with Telephone Cables Limited, a leading jelly filled telephone cable manufacturer in India, for manufacturing and selling optical fiber and optical fiber cables, in which Hitachi Cable owns 51% equity and Telephone Cables owns 49% equity respectively.
Both companies agreed to set up the company to cope with the increasing demand of optical fiber cable in India and to diversify its business activities into electronics wire and cable fields using Hitachi's state-of-art technology.
This new company is the second overseas venture of optical fiber cable for Hitachi Cable after Thailand.
Outline of the new joint venture is as follows.
| 1. | Name of the company Hitachi-TCL Cable Private Limited |
| 2. | Location of head office Chandigarh, India |
| 3. | Managing Director and CEO Toshiyuki Yamagiwa (planned) |
| 4. | Share holding Hitachi Cable Group 51% Telephone Cables Group 49% |
| 5. | Equity capital approx. 850,000,000 Yen |
| 6. | Month of establishment September, 1997 |
| 7. | Commencement of commercial production January, 1998 |
| 8. | Employees (1st year) 50 |
| 9. | Sales turnover (1st year) approx. 2,000,000,000 Yen |