Newsline-National | July 2014
Arvind-Japan firm´s Rs.50 crore nonwoven JV
Arvind OG Nonwovens Private Limited (AOG), a joint venture between Arvind Ltd (India) and OG Corporation (Japan), opened its manufacturing facilities near Ahmedabad, Gujarat, on 31 May 2014 at an investment of about Rs 50 crore. The joint venture will manufacture high-quality non-woven fabrics using needle-punch technology for bag-house filtration, artificial leather and a variety of other applications.
While speaking at the press conference, Punit Lalbhai, executive director of Arvind Ltd and CEO of the advanced materials division, said, ´The technical textile market in India is estimated at Rs 70,000 crore. Arvind Ltd´s technical textile business stood at Rs 300 crore for 2013-14 and we expect it to touch Rs 1,000 crore mark by 2017-18.´
Arvind currently holds 74 per cent equity stake in the JV with the remaining being with OG Corporation. AOG expects to breakeven within a year of its operations and post a turnover of Rs 100 crore in next three years.