Mumbai-based Mobile Telecommunications Ltd (MTL) is forming a JV with Hong Kong-based Sunfair Electric Wire & Cable Company Ltd and SW Venture Capital Fund Management Ltd, according to a stock market disclosure.
MTL will own 51 per cent stake in the JV firm MTL Electric Wire and Cable Pvt Ltd.
As part of the agreement, MTL will provide the infrastructure at its Nasik factory for the new company’s operations while Sunfair and SW Ventures will provide the machinery & technology and required working capital, respectively.
“Sunfair HK is pleased to come on board with MTL and SW Ventures to form the joint venture as Electric Wire & Cable business has tremendous growth opportunities in India, in the first year of operations we are looking at an annual revenue of $33 million through domestic Indian market and exports,” said Yeung Tin Hung, founder and director of Sunfair.
Sunfair was founded in September 1987 and its products range include AC power cord / inlet, DC cable and assembly, USB, HDMI cables, digital imaging cables, automotive cables and other medical and power conversion as special products.
Patric Roman of SW Ventures, said that the firm is looking to invest more in the country in the fields of LED and smart phone assembly.
Founded in 1995, MTL provides services and products related to telecom infrastructure, call centre facilities and voice over Internet protocol markets. Its services include business process outsourcing, information technology, electronic manufacturing and pay spot services.