Nexans signed a draft agreement with Polycab, the Indian leader in the cable industry, for the creation of a joint venture that will be majority-held by Nexans and managed in close cooperation with its Indian partner. This joint venture, to be headquartered in Mumbai, will initially cover the manufacture and marketing of cables for the shipbuilding, material handling, railways and windpower industries as well as the marketing of cables manufactured by Nexans that were not part of Polycab’s portfolio. These activities are expected to generate sales of 50-60 million euros by 2011 and require some 25 million euros of investment. Production can later be extended to very high voltage terrestrial cables.