Strategic Fit

Vedanta’s acquisition of Incab Industries marks a significant expansion into the downstream copper and aluminium value chain. Incab’s product portfolio — power cables, fibre-optic cables, winding wires, and rubber/plastic-based cable solutions - fits directly into Vedanta’s metals, transmission, and infrastructure ecosystem.

The assets provide Vedanta an opportunity to deepen integration across industrial wire and cable manufacturing, allowing the company to leverage existing copper and aluminium operations to grow in high-demand sectors such as power transmission, renewable energy, railways, telecom fibre, and heavy engineering.

For Vedanta, this deal enhances its positioning as a multi-vertical materials and manufacturing leader, while strengthening market presence in the broader infrastructure supply chain.

Deal Structure

Mode: Approved resolution plan under the Insolvency and Bankruptcy Code (IBC).

Buyer : Vedanta Limited (via internal accruals).

Target : Incab Industries Ltd, a manufacturer of power-cables and industrial wiring products.

Consideration: ₹545 crore upfront for full (100%) ownership.

Assets Included :

• Two manufacturing plants - Jamshedpur (Jharkhand) and Pune (Maharashtra).

  
  

• Both units currently non-operational, with machinery and infrastructure suited for copper & aluminium cable manufacturing.

  
  

• Product capacities include 5,000 km of power cables, fibre-optic lines, rubber/plastic cables, winding wires, and metal processing capabilities.

  
  

• Vedanta will inject additional capital to restart operations, including fresh capex to modernize equipment and working capital to enable full-scale production recovery.

  
  

Competitive Landscape

India’s wire & cable market is led by players like Polycab, KEI Industries, RR Kabel, Finolex Cables, and Havells. The sector is benefitting from sustained growth in power transmission, renewable energy installations, domestic manufacturing push, and telecom fibre rollout.

Vedanta’s entry will introduce a large, fully backward-integrated metals producer into a market dominated by branded cable manufacturers. Its ability to control raw material sourcing - copper, aluminium, and power - gives it a notable competitive advantage in cost structure and scalability.

If Vedanta successfully revives Incab’s idle factories, it could rapidly position itself as a strong challenger in industrial and utility cable segments.

Market Reaction

Since Incab is not listed, no direct market reaction is visible on the target side.

For Vedanta, the news has been viewed positively by sector analysts because:

• The deal brings strategic downstream integration at a moderate valuation.

• The acquisition route via IBC helps the company secure assets at a discount compared to greenfield construction.

• The move supports Vedanta’s broader strategy to expand manufacturing depth and reduce volatility in raw-material-driven businesses.

• Investors see potential long-term value creation once production restarts and plants achieve stable utilisation.

Final Word

Vedanta’s acquisition of Incab Industries is a strategic, capacity-enhancing, and forward-integration deal. The NCLT approval settles the insolvency chapter and opens the path for Vedanta to revive and modernize two legacy cable-manufacturing units.

If executed effectively, the acquisition could:

• Boost Vedanta’s share in India’s fast-growing cable market

• Strengthen its copper/aluminium ecosystem

• Add new revenue streams from power transmission and telecom fibre infrastructure

• Improve long-term integration and margin stability

• This is a high-impact strategic addition to Vedanta’s industrial portfolio.

Sources

• NCLT Kolkata Bench Case Status & Order

• PSU Connect – Report on Vedanta’s ₹545 Cr Resolution Plan Approval

• IBBI – CIRP Details for Incab Industries

• Coverage from regional and national business publications confirming NCLT approval