Arvind PD Glass Composites Pvt Ltd, a joint venture company set up by textile major Arvind Ltd and Germany’s PD FibreGlass Group, on Thursday commissioned the first phase of its production facility at Santej near here.
The joint venture company which manufactures glass fabrics, says it will ramp up production capacities soon with more investments, in view of increasing demand.
The JV, having 51:49 equity participation from Arvind and PD, respectively, aims at emerging as a global supply hub for glass fabrics, Sanjay Lalbhai, Chairman and Managing Director, Arvind Ltd, said. Having invested nearly Rs 30 crore on the facility since its announcement in December 2011, the JV will invest another Rs 80 crore over the next three years to increase its annual production capacity from the existing 5,000 metric tonnes to 30,000 tonnes.
Seventy per cent of this would be exported to Europe and the US.
The new JV facility will cater to the requirements of industries like automobiles and transportation, wind energy, aerospace and infrastructure. In five years, the new facility will have a turnover of Rs 500 crore per annum. Lalbhai said with this, the Arvind Group is embarking on developing its technical textile business as a major growth engine in the near future. “Over the next two-to-three years, we expect this JV to post revenues in the range of Rs 150-200 crore, with a significant share from exports.”