NEW DELHI: Insulated panels maker Jindal Mectec and Ireland-based Kingspan has announced formation of a joint venture (JV) in India.
The JV 'Kingspan Jindal' will capture the modern methods of construction in India, relating to warehouses, cold storages, high rise buildings, airport roofs etc, the companies said in a joint statement.
The demand for the product is bound to rise in the country as with the government's UDAN scheme, a lot of airports will come up, Jindal Mectec MD Saurabh Jindal said.
The expertise and modern engineering practices of Kingspan Insulated Panels will be used to make new products to cater to the growing demand of the customers, he said at a press conference here.
"India was on our plan. This is a growing market and with our presence in India, we can further tap the markets like Sri Lanka, Bangladesh, Nepal and Bhutan," Gilbert McCarthy, MD of Kingspan said.
McCarthy also informed that Kingspan will hold 51 per cent stake in the new venture.
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