From correspondents in West Bengal, India, 06:31 PM IST

Power cable manufacturer Universal, an M.P. Birla group company, has signed a pact with the Japan-based Furukawa Electric for manufacturing and marketing optical fibre in India.

'By combining the pre-eminent position of the M.P. Birla Group in optical fibre and cable business in India, with significant experience and technical expertise of Furukawa, we will bring our customers a strong product,' D.R. Bansal, Chief Mentor and chief executive officer of UCL said in a statement here Tuesday.

As per the agreement, the joint venture company shall have 55 percent shareholding by Universal and affiliates and 45 percent by Furukawa and its associates.

(Staff Writer, © IANS)