| Kirloskar Brothers (KBL) has hived off its industrial coating products division to form a joint venture (JV) company with UK's Corrocoat.
|
| |
| The new company, Kirloskar Corrocoat, will cater to the global markets.
|
| |
| The company will provide solutions to problems related to corrosion, erosion, cathodic protection, galvanic action and energy loss in core industries such as power, petrochemical, process, irrigation and water supply.
|
| |
| Kirloskar Brothers Director R K Shrivastava, who has been appointed the chairman of the JV, said his company had a licence agreement with Corrocoat and had been manufacturing and selling the products in India since 1993.
|
| |
| Kirloskar Brothers had set up an exclusive manufacturing plant for these industrial coating products at Kirloskarvadi in the Sangli district of Maharashtra.
|
| |
| With the setting up of the new joint venture, Kirloskarvadi will be have capacity enough to cater to the needs of the growing infrastructure segment all over the world.
|
| |
| "Our capacity will surg to 1,000 tonne. The idea is to expand the scope of our operations and achieve sales turnover worth Rs 100 crore in the next three years, from the current Rs 10 crore," added Shrivastava.
|
| |
| The newly formed company will invest about Rs 6 crore to expand the capacity of the manufacturing plant that the company had set up exclusively for industrial coating products at Kirloskarvadi.
|
| |
| The capacity of the facility, which is currently 120 tonne per annum, will be increased to 500 tonne in three months time, which will be then scaled up to 1000 tonne, said Srivastava.
|
| |
| According to him, Kirloskar Brothers will hold 65 per cent equity in the new company, while the remaining 35 per cent stake will be rest with Corrocoat.
|
| |
| For the last 40 years, UK-based Corrocoat, has been operating in more than 50 countries all over the world and has developed a wide range of glass flake filled coatings for applications in core segments such as power and petrochemicals.
|
| |
| Shrivastava also hinted at the possibility of the JV's products being picked up by Corrocoat for the latter's global markets. |
| |
|
| |
Content Guide
