Tecnik Fluid Controls Pvt. Ltd. (TFCPL), which is into manufacturing of custom-designed industrial fluid control valves, has set up a joint venture with U.S.-based diversified industrial manufacturer ITT Industries Inc. (ITT) to manufacture industrial valves for the pharmaceutical industry in India. The JV project will be funded by an initial multi-million dollar investment by ITT. ITT will also transfer the required technology to enable the manufacture of the valves in India and over a period of time, will [purchase valves from the joint venture] to be distributed in the U.S. market, the company said in a statement. Bharat Ajwani, Managing Director, TFCPL said, “We look forward to our partnership with ITT. With access to the leading technology and best practices they bring to the joint venture, we believe we can now become an undisputed leader in our market and accelerate growth and expansion.”
“Without a doubt, our products will give us an edge and add to the products and services we offer to our customers,” he added. Kasturi Rangan, Vice President, ITT said, “In the growing market for sanitary diaphragm valves and customised block valves for the Biotech industry, Tecnik stands out as one of the most well-established, differentiated providers and a clear leader in the manufacturer of flow component systems to all verticals of the industry.” “It is a true global brand demonstrating long-term commitment to the valves industry in India. We are pleased to be a part of and play a crucial role in their growth and progress,” he added. “With the technology transfer that is a critical part of this association, the Indian homegrown valve industry will have access to global designs and solutions which will help it grow and command recognition on a global scale,” the company said. “With a current market share of approximately 15%, Tecnik has the potential to grow to ₹150 crore and can grow to be a leader with over 40% market share,” it added.