Garware Hi-Tech Films, Lubrizol Sign MoU for Advanced TPU Film Solutions
Garware Hi-Tech Films (GHFL) and Lubrizol signed an MoU to develop and manufacture advanced TPU-based film solutions in India. GHFL will invest ₹118 crore, with ~25% for new product development. The facility, operational by December 2026, aims to enhance PPF business backward integration and improve EBITDA margins by 150-200 bps.
The collaboration involves a significant investment, aims to establish a first-of-its-kind facility in India, enhances backward integration for a key business segment, and is expected to improve EBITDA margins, suggesting a substantial positive impact on the company's operations and financial performance.
The announcement details a strategic collaboration and investment in advanced technology, which is expected to lead to new product development, backward integration, and improved financial margins, indicating a positive outlook for the company.
Garware Hi-Tech Films Limited (GHFL) has signed a Memorandum of Understanding (MoU) with Lubrizol, a global specialty chemicals company, to collaborate on the development and manufacturing of Lubrizol's Thermoplastic Polyurethane (TPU) technology in India.
This partnership is a strategic move for GHFL to establish a technology-led TPU product platform for new specialty applications and to achieve backward integration for its premium Paint Protection Film (PPF) business. The collaboration aims to leverage Lubrizol's global TPU technology and material science expertise with GHFL's manufacturing capabilities to develop and commercialize high-value TPU-based products in India. These products will target automotive, architectural, industrial, and electronics sectors, thereby expanding GHFL's market reach.
The company is investing approximately ₹118 crore in this new TPU film extrusion capability, with nearly 25% of this investment dedicated to new product development and technology enhancements. This facility is expected to be India's first dedicated TPU extrusion platform for premium PPF and will support an increase in PPF manufacturing capacity to over 600 LSF. In-house TPU extrusion is anticipated to enhance product consistency, manufacturing efficiency, supply-chain resilience, and reduce reliance on imported TPU films. This initiative is projected to improve EBITDA margins by 150-200 bps on a consolidated level.
Ms. Monika Garware, Joint Managing Director & Vice Chairperson of GHFL, stated that the collaboration will accelerate innovation and build differentiated solutions for both Indian and global markets. Mr. Deepak Joshi, Director - Sales & Marketing, GHFL, added that the investment is expected to be operational by December 2026 and will enable the development of new TPU-based products and strengthen backward integration for the PPF business.
The MoU aligns with the Government of India's 'Make in India' initiative by fostering advanced material processing and specialty film manufacturing within the country.
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Garware Hi-Tech Films Limited filed this with the NSE as a statutory disclosure, categorised under strategic partnerships. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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