: Kineco Group and Exel Composites sign joint venture #finance #StockMarketNEWS #Business NT NETWORK Panaji Kineco Group on Thursday signed a joint venture agreement with Exel Composites Oyj,
Kineco Group and Exel Composites sign joint venture #finance #StockMarketNEWS #Business
NT NETWORK
Panaji
Kineco Group on Thursday signed a joint venture agreement with Exel Composites Oyj, a Finland based company to grow its pultruded compositesdivision.
As per the terms of the agreement Kineco Group will sell the assets of its pultrusion business into a new company, Kineco Exel Composites India, in which Exel Composites will have 55 per cent stake and Kineco the remaining 45 per cent.
The new joint venture company, Kineco Exel Composites India is expected to target the growing pultrusion business in India. It will seek business growth in large industries such as wind power, transportation and telecommunications. The joint venture will continue to operate from the existing manufacturing facility located in Pilerne industrial estate. .
“Kineco is happy to be the partner of choice for a leading global company such as Exel, who has decided to invest in India. Exel’s technological expertise and composites know-how particularly, in pultrusion, will enable bringing our own, more recent pultrusion business to the next level. Our previous strategic long-term partnerships with international partners have been extremely successful and we look forward to extending this success story to Exel JV,? said Shekhar Sardessai, founder and managing director, Kineco Group and managing director, Kineco Exel Composites India.
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