- The newly formed entity, named Aparna-Craft Exteriors, would be retailing & manufacturing aluminum exterior products.
- The JV would be setting up an INR 30 crore facility near Hyderabad which will have a 600,000 sq. feet p.a. production capacity initially.
Aparna Enterprises Ltd (AEL), an Indian building material & construction company, has reportedly announced the signing of a new Joint Venture (JV) agreement with Craft Holdings Ltd (Craft), a Hong Kong based provider of construction solutions.
Reports cite, the newly formed entity, which has been named Aparna-Craft Exteriors, would be focusing towards manufacturing as well as retailing a number of aluminum exterior products.
According to a report by The Times of India, the JV would be setting up a new manufacturing facility in the suburb of Bachupally in Hyderabad. The new facility would be spanning over a 50,000-sq. feet area and would initially have a production capacity of approximately 600,000 sq. feet per annum.
The Managing Director of Aparna Enterprises, Ashwin Reddy stated that as a market segment, aluminum exteriors hold massive potential for growth, which can be attributed to the rapid rate at which the Indian subcontinent is going through urbanization as well as infrastructural development. Reddy further added that Craft Holdings is a reputed leader in a number of nations spread across the globe and the JV of Aparna-Craft Exteriors would be able to, through Craft’s support, thrive and become a leading industry player in India.
For the record, the market for building fenestrations as well as facades across India is growing at an immense rate and was pegged, according to AEL’s estimates, at around the INR 10,000 crore.
The manufacturing facility proposed to be constructed in Bachupally, Hyderabad would be costing the JV company approximately INR 30 crore.
According to reports, the financial terms of the JV agreement between the two enterprises have not been disclosed yet.