Arvind Limited has confirmed that it has inked a joint venture (JV) agreement with Turkey’s Polser AS, a leading provider of laminated composite panels.
The JV would be involved in the production of corrugated and plain fiberglass sheet panels to cater to the construction industry in India as well as overseas, sources familiar with the matter stated.
Combining the world-class technological expertise of Polser with manufacturing capabilities of the Advanced Materials Division (AMD) of Arvind, the JV, under the new entity Arvind Polser Reinforced Composite Panels Limited would have a 60:40 share of equity from Arvind Limited and Polser AS, respectively. The JV’s manufacturing facility will be established at Ahmedabad in Gujarat, the sources informed.
Arvind has mentioned in a recent statement that AMD, its division based on material science and focused on providing solutions, has a potential to reach revenues of nearly ?5,000 crore over the next 5 to 10 years. Currently, AMD brings in about ?700 crore revenue for Arvind. The JV is aimed at providing next generation materials to the construction industry to replace wood, asphalt shingles and traditional metals like steel.
According to the sources, Arvind Polser Reinforced Composite Panels would be greatly beneficial for pharmaceutical, medical and food preparation settings which require highly cleanable and sanitary walls. The panels will supposedly cost around half of ceramic tiles, besides being easier to clean. These could also be deployed as construction material in cooling towers, hygiene, hospitality, agriculture and livestock and automotive industry.
Ashish Kumar, chief executive for Arvind AMD and Envisol, Arvind Limited, stated that the JV forms part of a long-term strategy of the company’s advanced material business. The partnership with Polser is aligned with Arvind’s commitment towards growing its expertise across distinct technologies in composites for offering world-class solutions to customers, he added.
Polser AS managing director, Ahmet Cinar said partnering with Arvind would reinforce the company’s global position and enable it to better serve its customers.