Foundation laid for formwork factory in VisakhapatnamMarch 24th, 2008 - 11:25 pm ICT by admin
Hyderabad, March 24 (IANS) Maytas Infra Ltd and Nagarjuna Construction Co Ltd, two of India’s leading infrastructure developers, have entered into a partnership with a German firm to establish a factory in Visakhapatnam for manufacturing formwork (modular shuttering systems). The two Indian companies along with Paschal-Werk G.Maier GmbH, one of the world’s leading shuttering majors, formed a new firm, Paschal Form Work (India) Pvt Ltd.
The German firm will have a 70 percent stake in the new venture while Maytas and NCC will have a stake of 15 percent each.
The announcement was made at the groundbreaking ceremony of the factory, which was attended by the five proposed directors of the new firm.
The formwork produced in the proposed factory will help in bringing a systematic approach in the construction industry and will make work at building sites much easier, economical, safe and advanced, said a statement released here.
The factory is coming up on an area of 20 acres at Bayyavaram village, near Anakapalle, Visakhapatnam. It will initially produce the formwork for the Indian market with a view to eventual export.
The initial investment in the initiative is around Rs.1 billion ($24.8 million). The factory will have a capacity of producing over 500,000 square feet of formwork a year.
The production is expected to start by the end of this year and will produce formwork systems for all vertical and horizontal concrete construction.
Barbara R. Vetter, sole owner of Paschal-Werk, A.R. Raju, managing director of Nagarjuna Construction and Teja Raju, vice chairman of Maytas Infra attended the groundbreaking ceremony.
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