Prism, Ardex JV to set up two building material plants
To set up two building material plants in India at Rs 40 crore investment Ardex GmbH, a high performance specialty building material provider based in Germany, has formed a joint venture with Prism Cement. The joint venture company Ardex Endura will set up plants in Bangalore and Durgapur, West Bengal, this year to meet the growing demand in the South, especially in Tamil Nadu and North-East.
Vijay Aggarwal, Non-Executive Chairman, Ardex Endura and Managing Director, Prism Cement, said the new plants will strengthen the company's position in (tile-fixing) adhesive, flooring products, water proofing concrete repair and allied products' market.
Ardex Endura has two units in Bangalore and Baroda with capacity of 45,000 tonne a year. This will go up to 1,50,000 tonne after new production centres go on stream. The company recorded a sales turnover of Rs 82 crore last year and expects it to touch Rs 100 crore this year. The tie-up will help the company to introduce some of its patented products after making suitable modification to suit India.