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Lucent sells its stake in Lucent-Finolex JV

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CIOL Bureau
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Cyber News Service

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BANGALORE: Lucent Technologies has sold its 51 per cent stake in the Lucent-Finolex Fiber Optical Cable joint venture to Finolex Machines Private Ltd. for an undisclosed amount. Finolex Machines is an affiliate of Finolex Cables Ltd., which owns 49 per cent of the joint venture. The venture, which began in 1997, produces fiber optic cable for the Indian market.

Lucent spokesperson said, "The timing is right for Finolex to take complete control of the venture, allowing us to work with them under a different arrangement to supply the Indian market with our optical fiber products. Working together, we have established this company as a major player in the marketplace--we believe Finolex will remain just as strong as an independent venture." According to the company, the fiber cable company will continue to operate as usual under the ownership of Finolex Machines and Finolex Cables, supporting all the company's contracts and agreements.

Finolex, which is the largest manufacturer of cables, PVC Pipes, PVC resin and continuous cast copper rods in India, is planning to provide intelligent super highway for communication across India by establishing a high speed broadband long distance network using optic fiber cable. The company currently employs 39 people at its Pune plant.

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