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Last Updated : Dec 14, 2011 11:05 AM IST | Source: PTI

Arvind forms JV with German Group to make glass fabrics

Textile major Arvind Ltd has formed a joint venture with Germany-based Preiss Daimler (PD) Fiber Glass group to manufacture glass fabrics in India.

 
 
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Textile major Arvind Ltd has formed a joint venture with Germany-based Preiss Daimler (PD) Fiber Glass group to manufacture glass fabrics in India.


The JV agreement was signed here today between Arvind Executive Director (New Initiatives) Punit Lalbhai and Managing Director of PD Management Group Stefan Preiss Daimler. The city-based textile firm will hold 51% stake, while PD Group shall have 49 stake in the JV company, Arvind PD Glass Composites Pvt Ltd.


"We shall invest over Rs 80 crore in the next three to five-year span in this initiative. The JV company will manufacture 30,000 MT of glass fabrics annually," Lalbhai told reporters here.


The JV, slated to commence production by March 2012, is projected to have revenue of Rs 250 crore after first phase of investments, he said. The company shall also be looking to export the new fabric range in markets like West Asia and South East Asia, Lalbhai said. The new facility to come up at Santej near here will manufacture woven, bi-axial and multi-axial glass fabrics. The glass fabrics predominantly find application in wind energy (turbine blades), automotive and infrastructure.


According to industry estimates, the market size of glass fabrics in India is pegged between Rs 500 and 700 crore. PD Group is a family operated middle-size company having presence in countries such as Latvia, Russia, Czech Republic, Slovenia, UK and now in India.



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First Published on Dec 13, 2011 07:00 pm
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