Foundation laid for formwork factory in Visakhapatnam
Facebook Twitter google+ RSS Feed

Foundation laid for formwork factory in Visakhapatnam

Wednesday, 26 March 2008, 04:41 Hrs
Printer Print Email Email
Hyderabad: Maytas Infra and Nagarjuna Construction, 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 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.
Source: IANS
Experts on SiliconIndia
Santhosh  K
Sr. Soft. Engg.
Oracle India
Nehal Vyas
Sr. Team Lead
Cyberoam Tech.
Rani Malli
Sr. Director
Philips
Sr. Executive
ISB
Vijay Balkrishna Konduskar
Business Consultant
Imans Web Tech
Dr L P  Sharma
Technical Director
NIC
Reena Khanna
Founder
Solitaireworld
Dellas  Asse
sys-network admin
Computer Station
Write your comment now
Submit Reset
SPOTLIGHT