wiredinUSA March 2014

FIIs invest in cable

JFE integration

The cable manufacturer Shilpi Cable is issuing equity shares on a preferential basis to two foreign institutional investors – Aspire Emerging Fund and Highbluesky Emerging Market Fund. Aspire, a sub-account of Vaibhav Investments Ltd, will pick up a 5.33 percent stake, with Highbluesky taking a 9.9 percent interest in the company. At an EGM, held by Shilpi Cable on 24 th January, the company announced it will also issue shares to Leman Diversified Fund and Davos International Fund. Shilpi Cable, part of the Shilpi group, manufactures RF cables and a range of cables used in the telecommunications, automotive and energy sectors.

JFE Steel Corporation and JFE Bars & Shapes Corporation of Japan are planning to integrate their bar and wire rod businesses from April 2014. At present the JFE Steel Group has two separatebar andwire rodunits, oneat JFE Steel and the other at JFE Bars & Shapes (an electric steelmaking business). The company claims that integration “will strengthen sales in overseas markets including Asia and North America, where increased demand is envisioned for high-quality steel, mainly for automobiles and construction machinery”. It is hoped that, by integration, the JFE Group will be more competitive against other domestic and overseas producers.

wiredInUSA - March 2014

42