Sierra starts joint venture in Fiji to manufacture power cables

Nov 01, 2016 (LBO) – Sri Lanka’s Sierra Cables has decided to jointly invest in a new power cable manufacturing plant in Fiji, the company said in a stock exchange filing. Sierra Cables said it entered the joint venture agreement with three Fijian companies namely Vinod Patel & Co. Ltd, RC Manubhai & Co. Ltd and Progressive Investments Ltd on 13th October 2016. The total investment of the project is 4 million Fijian dollars and Sierra Cables intends to fund 30 percent whilst contributing with its technical expertise and market know how. Details of the joint venture partners disclosed by Sierra Cables are as follows. Vinod Patel & Co Ltd (VPCL) is an established company based in the Fiji Islands. VPCL has been dealing in hardware, retail and export for more than 50 years. Vinod Patel & Co Ltd offers quality products, reliable service and customized solutions to its customers. R.C. Manubhai & Co. Ltd. is one of the well-known and the most trusted hardware company in the Fijian Islands, dealing in Hardware, Building Materials and Steel. The company has nine major outlets Fiji—wide and its head office is centered in Ba — the town where the company’s roots originated. Progressive Investments (Fiji) LTD is an investment company with diverse interests operating in Fiji, managing portfolios which was established in 2015.