March 15, 2019
The manufacturing facility will spread across 50,000 sq ft, with a production capacity of 600,000 million sq ft per annum initially
Indian building facades and fenestrations is a fast growing sector and is estimated at over US$1.5 billion, as per Aparna Enterprises
With the partnership, Craft Holdings, a global construction company, hopes to gain market and expand in India over the long term
India’s construction draws around 4 per cent of total foreign investment coming into India, mainly in leading infrastructure projects
Construction and building materials company, Aparna Enterprises, has entered a joint venture with Hong Kong-based Craft Holdings for the manufacture and retail of aluminum products and solutions. The unit of the Hyderabad-based Aparna Group said on March 15 that the companies will set up a manufacturing facility in Hyderabad. It added that the joint venture, Aparna-Craft Exteriors, will leverage the design and engineering of Craft Holdings and the execution of Aparna Enterprises to offer aluminum exterior solutions in India. India needs investments worth over US$700 billion by 2022 in the construction sector.
The manufacturing facility will spread across 50,000 sq ft, with a production capacity of 600,000 million sq ft per annum initially. Aluminum exteriors have seen growing demand owing to rapid urbanisation and infrastructure development across the country, Ashwin Reddy, managing director of Aparna Enterprises, said. Indian building facades and fenestrations is a fast-growing sector and is estimated at around US$1.5 billion, Reddy added. The company expects to invest around US$4.4 million on the project to begin with. India’s construction draws around 4 per cent of the total foreign investment coming into India.
With the partnership, Craft Holdings hopes to gain market and expand in India over the long term. The joint venture plans to provide complete end-to-end façade solutions, right from design and engineering to production and execution. The construction firm’s Indian venture comes amid expectations of India becoming the third-largest construction market by 2025. The Indian construction sector is going through big activities with projects such as Bharatmala Pariyojana, Smart Cities Mission, Sagarmala Programme, among others, are being planned to boost the national economy with active foreign involvement.