Arvind Limited Forms JV With German Group To Make Glass Fabrics-CNBC TV-18

CNBC TV-18 reported that Arvind Limited has formed a joint venture (JV) with Germany-based Preiss Daimler (PD) Fiber Glass group to manufacture glass fabrics in India. The firm will hold 51% stake, while PD Group shall have 49% stake in the JV company. The JV, slated to commence production by March 2012, is projected to have revenue of INR 250 crore after first phase of investments, he said. The company shall also be looking to export the new fabric range in markets like West Asia and South East Asia, Lalbhai said. The new facility to come up at Santej near here will manufacture woven, bi-axial and multi-axial glass fabrics. The glass fabrics predominantly find application in wind energy (turbine blades), automotive and infrastructure.