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Modulex India, a modular building construction company incubated by Red Ribbon Advisory Services (RRAS), today said it will invest Rs 100 crore to set up a modular building construction factory in Pune as part of Centre's Make in India campaign.
The company expects to generate approximately 1,000 jobs in India by 2017. Built on a 40 acre land, it will start production by March 2017.
"The Indian construction market still has a long way to go in comparison to the global scenario. Modulex aims to take India to the next stage of real estate development by providing a jumpstart to the construction industry and bridging the demand-supply gap created by acute shortage of construction in the country," said Ajay Palekar, Country Head, Modulex Modular Buildings.
Modulex brings British Standard compliant technology to India to the existing construction market. The British offsite construction technology allows for tailored modular buildings through rapid construction in almost one-fifth of time taken by the conventional buildings using the same construction materials and at the same cost per square feet as traditional construction.
Suchit Punnose, Chairman, Modulex UK, said: "Through Modulex we hope to bring in highly advanced & sophisticated technologies from the developed part of the world and apply it here. Global experience shows that modular construction holds the potential to create thousands of employment and support the demands of a prospering economy like India."
Red Ribbon Advisory Services (RRAS) incubates scalable start-ups (in India) by investing their own capital in specifically chosen projects that meet their selection criteria for entry & rollout in India.
Their portfolio comprises greenfield real estate and renewable energy projects with a impact on job creation through responsible business practices and sustainable development.
