Kasturi Ragan – Vice President, ITT, USA, with Bharat Ajwani – Managing Director, Tecnik Fluid Controls Pvt. Ltd.
Tecnik Fluid Controls Pvt. Ltd. (TFCPL), which is into manufacturing of custom-designed industrial fluid management valves, has arrange a three way partnership with U.S.-based diversified industrial producer ITT Industries Inc. (ITT) to manufacture industrial valves for the pharmaceutical industry in India.
The JV venture can be funded by an preliminary multi-million greenback funding by ITT.
ITT may even switch the required know-how to allow the manufacture of the valves in India and over a time frame, will [purchase valves from the joint venture] to be distributed within the U.S. market, the corporate mentioned in a press release.
Bharat Ajwani, Managing Director, TFCPL mentioned, “We look forward to our partnership with ITT. With access to the leading technology and best practices they bring to the joint venture, we believe we can now become an undisputed leader in our market and accelerate growth and expansion.”
“Without a doubt, our products will give us an edge and add to the products and services we offer to our customers,” he added.
Kasturi Rangan, Vice President, ITT mentioned, “In the growing market for sanitary diaphragm valves and customised block valves for the Biotech industry, Tecnik stands out as one of the most well-established, differentiated providers and a clear leader in the manufacturer of flow component systems to all verticals of the industry.”
“It is a true global brand demonstrating long-term commitment to the valves industry in India. We are pleased to be a part of and play a crucial role in their growth and progress,” he added.
“With the technology transfer that is a critical part of this association, the Indian homegrown valve industry will have access to global designs and solutions which will help it grow and command recognition on a global scale,” the corporate mentioned.
“With a current market share of approximately 15%, Tecnik has the potential to grow to ₹150 crore and can grow to be a leader with over 40% market share,” it added.
