India's largest cable company, Polycab Wires and Cables, has entered into an alliance with France's Nexans to set up Euro 60-million (Rs 400-crore) project near Baroda in Gujarat.

The joint venture, with its headquarters in Vadodara in the state of Gujarat, will cover the manufacturing and marketing of special cables for the shipbuilding, material handling, railways and windpower industries.

Nexans, world's largest cable-maker, is a leading global player in the cable industry offering an extensive range of cables and cabling systems.

According to sources, the industrial part which includes the construction of the new cable production unit of the joint venture will commence immediately and cover a period from 18 to 24 months.

Polycab currently has sales of over $600 million, with 12 plants employing more than 3,500 people in the process of manufacturing power and building cables.