Electrical cable manufacturer Nicco Corporation today said it will set up a joint venture company with Italy's Prysmian group to cater to the Indian cable market.
Prysmian, a global player in energy and telecommunications cables industry, would hold about 60 per cent stake, while Kolkata-based Nicco corporation would pick up 40 per cent stake in the JV company.
Prysmian (Dutch) Holdings BV, a subsidiary of Prysmian group, has signed a definitive agreement with Nicco Corporation to set up the said JV, Nicco Cables Ltd, the company said in a filing to the Bombay Stock Exchange.
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