Hyderabad-based infrastructure majors, Maytas Infra and Nargarjuna Construction Company together have entered into a partnership with Paschal-Werk G Maier GmbH, to establish a formwork (modular shuttering systems) manufacturing unit in Visakhapatnam.
The three companies have decided to promote an SPV christened Paschal Form Work (Pvt) Ltd. While Paschal-Werk will have 70% stake, Maytas and Nagarjuna Construction will have 15% each. The project is estimated to cost Rs 100 crore, including working capital, a company release said.
The manufacturing unit will be established on a 20-acre land at Bavyavaram village near Anakapalle. It will initially manufacture formwork for the Indian market. The formwork shutters will bring a systematic approach in the construction industry and make the work at building sites much easier, economical and safe.
The manufacturing facility will have an initial capacity of 5 lakh sq. ft. of formwork per year. It is expected to commence commercial production by the end of this year and will produce formwork systems for all vertical and horizontal concrete construction. Special applications such as climbing and single sided formwork will also be produced, the release added.
Gradually, the company proposes to set up depots and training centers across the country taking the Paschal technology to the Indian construction industry. Besides technology, the design, marketing and sales will be supported by Paschal Technology Pvt Ltd, a sister concern of Paschal-Werk G Maier.
