: Kineco Group and Exel Composites sign joint venture #FinanceIndia #StockMarketNEWS #Business NT NETWORK Panaji Kineco Group on Thursday signed a joint venture agreement with Exel Composites

@StockMarketNEWS Tue 19 Oct, 2021

Posted in: #Business #FinanceIndia #StockMarketNEWS

Kineco Group and Exel Composites sign joint venture #FinanceIndia #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.

“This strategic investment provides Exel with direct presence in the fast-growing Indian composites market. Kineco Group’s long and established position in the Indian composites industry allows us to expand into India with a ‘flying start’. The investment fits Exel’s strategy and growth initiatives well, and clearly strengthens our competitive position towards current and new customers. We are looking forward to joining forces with the committed local team and boosting our future presence in India???, said Riku Kytömäki, president and CEO, Exel Composites.

Commenting on the JV Aditya Reddy, chairman, Kineco and joint managing director, Indo-National Ltd (a majority shareholder in Kineco) added, “I congratulate the management teams of both the companies on this partnership. Indo-National invested in Kineco in 2015 and since then, we are fully aligned with Kineco’s vision to be a technologically differentiated player in the composites business and our joint venture with Exel reinforces this vision. We look forward to a mutually rewarding relationship with them in times to come.
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