New Delhi [India], May 17 (NewsVoir): Kingspan, world's largest player in high performance insulation and building envelope solutions, announces its entry into Indian market through a Joint Venture with Jindal Mectec Pvt. Ltd., the Indian market leader in the category. With the Indian and the global market leader in the segment joining forces, Kingspan Jindal will become India's leading manufacturer of such products featuring industry-leading innovations.
Currently the insulated panel industry is growing at a CAGR of 13-15 percent and Jindal Mectec alone has a market share of 35 percent. The new entity Kingspan Jindal targets to raise their market share up to 50 percent in next 5 years period. The Joint Venture ("Kingspan Jindal") will capture the massive growth of modern methods of construction in India. This growth is supported by the strong domestic and foreign direct investment momentum in infrastructure; high-end production facilities in the FMCG, food and pharma sectors; distribution centers and warehousing; and in cold chain facilities and other segments.
Gilbert McCarthy, MD Kingspan Insulated Panels, said: "Investing in India is a key element of Kingspan's geographic growth strategy. The JV will also cover Bangladesh, Sri Lanka and Nepal and Bhutan."
The JV will accelerate the development of Jindal Mectec's existing product portfolio, leveraging Kingspan's proprietary insulation core technologies and building technology know-how. In particular, world-leading innovation - such as Kingspan's QuadCoreTM insulation core with its superior thermal and fire performance - will become available to the Indian market. In addition the JV will offer a world-class infrastructure solutions portfolio leveraging Kingspan's KingZipTM standing seam roofing system, available as a package with the Group's skylight and architectural faade system, especially suitable for airport and rail infrastructure projects.
Saurabh Jindal, MD Jindal Mectec Pvt. Ltd., said, "Kingspan Jindal will offer insulated panel, architectural wall cladding and roofing solutions for end clients who want high performance systems which are easy to install, and most importantly offer insurer-approved fire performance and superior lifetime energy savings. In addition, the JV's insulated panel systems ensure buildings are built very quickly which has the added benefit of enhancing site safety due to shorter times working at height."
Jindal Mectec has two manufacturing facilities in Indore and Nalagharh and is recognized as India's largest manufacturer of insulated panels with an installed capacity of 4.5 Million sqm per annum. Kingspan on the other hand is the global leader in high performance insulation and building envelopes. Kingspan offers solutions for buildings enhancing their energy efficiency which reduces running costs and also meets environmental regulations and greenhouse gas emissions targets.
The JV operates a strong, local manufacturing base with two modern factories, has a pan-Indian sales and partner network and full access to Kingspan's world-leading insulated panels and building envelope technologies. (NewsVoir)