Joint Venture between Exel Composites and Kineco Group in India

October 25 2021

Exel Composites has signed an agreement to establish a joint venture to develop the Indian pultrusion market together with Kineco Group, India’s leading player in the advanced composites market. Headquartered in Goa-India, Kineco Group offers a range of products and integrated systems for diverse markets such as mass transit, aerospace, defense, infrastructure and other industries.
In the transaction, Kineco Group will sell the assets of its pultrusion business into a new company, Kineco Exel Composites India, in which Exel Composites will subscribe to a 55% ownership in a directed share issue. Kineco Group will remain a shareholder with a 45% shareholding through its main entity Kineco Limited.
The new joint venture Kineco Exel Composites India targets growing the pultrusion business in India. The joint venture seeks significant business growth especially in the large and growing industries such as wind power, transportation and telecommunications. The joint venture will continue to operate from the existing manufacturing facility located in Goa.
The parties have agreed that the size of the investment will not be disclosed. The transaction is expected to be completed in the fourth quarter of 2021.

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