Ahmedabad: Arvind Limited has entered into a joint venture with Polser AS (Turkey) – a global leader in laminated composite panels – for manufacturing corrugated and plain fiberglass sheets to serve the construction industry in India and overseas.
The joint venture combines Polser’s world-class technological prowess with the manufacturing capabilities of Arvind’s Advanced Materials Division (AMD), Arvind said in a media announcement today.
The new entity, Arvind Polser Reinforced Composite Panels Limited, will have a 60:40 equity participation from Arvind and Polser, respectively, and the manufacturing facility will be set up at Ahmedabad.
AMD is a material science driven, solutions focused division of Arvind, with a potential to reach a scale of ₹5,000 crore revenue in the next five to ten years, the company said in its statement.
At present, the revenue for Arvind from AMD is about ₹700 crore.
Through this joint venture, Arvind and Polser aim to provide next generation materials to the construction industry by replacing traditional metals like steel, wood and asphalt shingles.
Arvind Polser Reinforced Composite Panels will also be highly beneficial for food preparation, pharmaceutical, and medical settings where sanitary and highly cleanable walls are required. The panels will be typically one-half the cost of ceramic tiles and would be easier to keep clean. The panels will also serve as construction material for cooling towers, agriculture and livestock, hygiene, hospitality, and automotive industry, it said.
“This is part of a long-term strategy for our advanced materials business, where we are continuously investing in new technologies for growth. We believe the coming years will see a disproportionate growth in composites for a variety of applications. Our joint venture with Polser is in line with our commitment to grow our expertise across different technologies in composites and provide our customers with world-class solutions," according to Ashish Kumar, CEO Arvind Advanced Materials Division and Envisol, Arvind Limited.
Due to the nature of the composite material formed by glass fiber and plastic resin, its aesthetic formability and durable structure has been effective in being the most preferred interior design structure and coating material, the company said in its statement.
Ahmet Cinar, Managing Director (Polser AS), said, “The building and construction industry is always on the lookout for new materials. Composite sheets offer long life, high strength-to-weight ratio and formability, which make them ideal for use in many different applications. The partnership with Arvind will strengthen our global position and enable us to serve our customers better."