Hind Silicates Pvt Ltd, a construction-chemicals manufacturer, expects its turnover to grow by at least 200% this year following a memorandum of understanding with Cemkrete (Thailand) Co Ltd that will enable it to market Cemkrete’s high-end finishing products.
“This year, we were expecting a 100% growth. Now, with this MoU, we will grow by 200%,” said Sanjay Goenka, managing director of Hind Silicates. On Wednesday, Goenka signed the MoU with Visanu Maneengamlert, group managing director of Cemkrete Co.
Hind Silicates reported a turnover of Rs 10 crore last year, while Cemrete’s turnover was $10 million.
Citing real estate services firm Cushman & Wakefield, Hind Silicates officials said 23m sqft of new space will come on the Indian market, and the $50 billion commercial and residential real estate market is expected to grow 25% annually.
Unlike a simple import deal, the MoU will enable Hind Silicates to import Cemkrete’s products and market them under its brand name.
Maneengamlert said a joint venture could be considered at a later stage.