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In a step forward in the technical textiles vertical, Arvind Ltd, country's largest denim maker, has entered into a joint venture agreement with a German firm, PD Fibre Glass Group to manufacture glass fabrics for the industries in wind power, shipbuilding and automobile sector. The company aims to generate revenues worth Rs 250 crore over a period of next three years from the new venture. A joint venture, Arvind PD Glass Composites Pvt Ltd has been set up with 51 per cent equity partnership of Arvind and 49 per cent of PD Group. For the two-phased project, the company will invest Rs 80 crore over a period of next five years. This is an extension of the operations as it already has expertise in the technical textiles segment. Glass fibre will be sold to a range of industries in India and overseas. As a strategic move, it is looking to leverage more on the technical textiles business. The company will manufacture woven, bi-axial and multi-axial glass fabrics along with stitched and chopped mat-glass fabrics at its existing unit at Santej near Ahmedabad.
The company will use imported machinery from Germany, which will cost around Rs 10 crore. The machinery is likely to be installed by February 2012 and production to start by March-April 2012. As a strategic expansion in the glass fibre manufacturing, Arvind looks to capitalise on its core strength, which is technical textiles. Resins, which is one of the materials for the company is made by the group company Atul Ltd. Also, it has a strong market presence, and thus it makes a sensible proposition for it to venture into this new initiative. Initially, the company will have an annual capacity of about 30,000 tonnes of glass fibre. Of the total production, about 30 per cent will be sold in domestic market, while the rest will be exported to countries in South East Asia and Middle East.
| Company Name | CMP |
|---|---|
| PDS | 440.80 |
| Vardhman Textiles | 437.05 |
| Arvind | 365.55 |
| Welspun Living | 143.95 |
| Alok Inds | 26.79 |
| View more.. | |
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