Grasim Industries Limited ("Grasim") today signed a definitive agreement to form a Joint Venture Company (JVC) in India with Maschinenfabrik Reinhausen GmbH ("MR") of Germany for the manufacturing and sale of Composite Hollow Core Insulators ("CHCI") to serve the Power Transmission & Distribution industry globally. The JVC, Aditya Birla Power Composites Limited ("ABPCL"), will set up a state-of-the-art CHCI manufacturing plant at Halol, Gujarat, India.
This joint venture brings together Aditya Birla Insulators (a unit of Grasim), the 3rd largest global Porcelain Insulator player and Reinhausen Power Composites (a Unit of MR), the 2nd largest Hollow Composite Insulator player globally, with over five decades of combined experience in the insulator industry. ABPCL will build a fully integrated CHCI plant at Halol, bringing the latest technology for Composite Hollow Insulators from Europe. It will serve the insulator requirements of Indian and global OEMs in the Power Equipment industry, helping them to enhance their product proposition for the T&D Utilities worldwide.
Composite Hollow Core insulators is the fastest growing segment of insulators, and improves the performance as well as safety of Power Equipment. This facility will be the first such large scale plant for this range of products in India and will be the largest such plant outside of China.
Mr. Kalyan Ram Madabhushi, CEO - Global Chemicals and Group Business Head - Fertilisers and Insulators, Aditya Birla Group says, "As an Insulating Solutions provider to Power Industry for over 50 years, this venture is a natural next step for Grasim to expand into the Composite Hollow Insulator segment and we are happy to partner with the global quality leader in this segment, MR. Through cutting-edge technology and world class manufacturing, this JV will offer high-end competitive, innovative and sustainable solutions to our customers globally, and reaffirms our commitment to Make-in-India to serve the world".
Dr. Nicolas Maier-Scheubeck, CEO of the Reinhausen Group says, "We look forward to expanding our presence to India, which is not just an attractive market but also a very competitive location for manufacturing such a high quality product. We are delighted to partner with such a large and reputed group, the Aditya Birla Group, for this venture, sharing our focus on quality and customer performance".
Shares of GRASIM INDUSTRIES LTD. was last trading in BSE at Rs.756.55 as compared to the previous close of Rs. 746.5. The total number of shares traded during the day was 58864 in over 1888 trades.
The stock hit an intraday high of Rs. 771.75 and intraday low of 740. The net turnover during the day was Rs. 44791063.