Hyderabad, Mar 24: Maytas Infra Limited and Nagarjuna Construction Company Limited today announced a partnership with Paschal-Werk G Maier GmbH to establish a factory in Visakhapatnam for manufacturing Formwork (Modular Shuttering Systems).
The announcement was made at the ground breaking ceremony for the factory being established on an area of 20 acre at Bayyavaram Village near Anakapalle in Visakhapatnam for producing in excess of five lakh sq ft of Formwork per year.
All three companies formed a new entity under the name of Paschal Form Work (India) Pvt Limited wherein Paschal-Werk G Maier GmbH, one of the world's leading Formwork (shuttering) Companies from Germany will have a 70 per cent stake with Maytas Infra Limited and Nagarjuna Construction Company Limited holding 15 per cent each.
The initial investment in the initiative is around Rs 100 crore, including working capital. It is expected to start the production by the end of this year.
''This is a pioneering step in the construction industry and we at Maytas Infra are happy to be partnering with an expert like Paschal for the initiative.
''The market and requirement for Formwork in India is huge and with this factory we are hoping to take the Indian construction industry to the next level,'' Maytas Infra CEO P K Madhav said.
NCC Associate Director V Radha Krishna said, ''It is the first time in India that Modular Shuttering Systems will be produced and with Paschal's advanced technology and proven expertise in this area, we will not only impact the construction industry in urban areas but also help in speeding up the development in the rural areas.''