Modulex India to invest Rs 100 cr to set up steel factory

Modulex India today said it is going to invest Rs 100 crore to set up a modular steel factory in Pune.
Incubated by Red Ribbon Advisory Services, the firm will invest Rs 100 crore to set up a modular building construction factory which is expected to be operational by March 2017, the company said in a statement.
"The Indian construction market still has a long way to go in comparison to the global scenario. We aim to take India to the next stage of real estate development by providing a jump-start to the construction industry and bridging the demand-supply gap created by acute shortage of construction," Modulex Modular Buildings Country Head Ajay Palekar said.

The company has evolved from the traditional methods of construction by offering clients with numerous advantages, not limited by cost, time and savings, he added.
"We aim to become a leading manufacturer of permanent steel-framed modular buildings by working with a diverse range of markets including hospitality, education, health, residential, defence and many more," Palekar said.
Modulex UK Chairman Suchit Punnose said, "India has the potential to become a great manufacturing hub and through Modulex we hope to bring in highly advanced and sophisticated technologies from the developed part of the world and apply them here.