Mumbai: Textile major Arvind Limited on Tuesday announced its joint venture with Germany based PD Fiber Glass Group for manufacturing of glass fabrics in India.
The joint venture, Arvind PD Glass Composites Pvt Ltd, will have 51:49 equity participation from Arvind and PD Group respectively. A total investment of Rs 80 crores in a span of five years is planned for this initiative. The setup will manufacture 30,000 MT/year of glass fabrics, a company statement said here.
“This move is part of a long term strategy for our technical textiles business - a division we have established to explore new technologies and innovative ideas in the field of advanced textiles. We believe the coming years will see the global glass composite industry grow at a staggering 25 percent every year. This JV is projected to achieve a revenue of Rs 250 crore after the first phase of investments. This will double to a revenue of Rs 500 crore after the investments made in the second phase,” said Arvind chairman and managing director (MD), Sanjay Lalbhai.
“In line with our growth aspirations and conviction in the global growth story of fiber glass reinforcements, this is an important step for covering a larger global market and providing cost efficient solutions. Arvind, with an experience in weaving technology and PD Group being the pioneers of the glass fiber to fabric industry, complement each other well in this partnership,” PD Management Group MD Preiss Daimler said.
The new facility will manufacture woven, bi-axial and multi-axial glass fabrics along with stitched and chopped mat-glass fabrics. A large part of the new company’s output will be marketed overseas. India currently is a small market for glass fabrics, but as the Indian aerospace, auto and wind energy sectors grows; the demand is likely to increase considerably.