Enters into joint venture agreements with 3 Fijian firms
Sierra Cables to fund 30% of the investmentCompany already has a presence in Kenya
Sierra Cables PLC has entered into a joint venture agreement with 3 Fijian companies to start a US $ 4 million power cable manufacturing plant in the Pacific island nation.
“Sierra Cables PLC wishes to announce that it has on 13th October 2016 entered into a joint venture agreement with Vinot Patel & Co. Ltd, RC Manubbai & Co. Ltd and Progressive Investment Ltd to set up a power cable manufacturing plant in Fiji,” a filing at the Colombo Stock Exchange said.\
Progressive Investments has a diverse investment portfolio in Fiji, while the other two companies deal with hardware and construction related products.
Sierra Cables will be funding 30 percent of the investment, while also providing technical expertise and market knowhow.
Mirror Business had recently reported that Sierra Cables was planning to enter the Fijian and Maldivian markets soon.
Sierra Cables has also successfully ventured into Kenya, where there is significant unmet demand.