Elland based company Bond It has entered into a joint venture agreement with one of India’s fastest growing manufacturers of pipes and piping systems.
Following an equity deal, the business, which is based on the Lowfields Business Park in Elland, will now operate in partnership with Gujarat-headquartered Astral Poly Technik Ltd.
Speaking of the new joint venture, David Moore, managing director at Bond It, said: “The deal with Astral Poly Technik comes after extensive negotiation and represents a win-win situation for everyone involved.
“By enjoying access to Bond It’s range, which includes plumbing solutions, our partners at Astral Poly Technik are able to complement their well-respected pipes and piping systems with a variety of related and equally high quality products.
“This will enable them to maximise some of the impressive opportunities offered by the Indian economy - one of the fastest growing in the world.
“For Bond It meanwhile, the additional backing will enable us to accelerate ambitious and global plans for the future, and to offer our growing customer base more products in more volumes than ever before.
“We will also be able to make further investments into those areas which make a real difference to customers - such as logistics, product development and sales support.”
Listed on both the BSE (Bombay Stock Exchange) and NSE (National Stock Exchange of India), Astral Poly Technik is a £450M business which manufactures a broad product portfolio.
Its range of chlorinated polyvinyl chloride (CPVC) and polyvinyl chloride (PVC) piping is employed across a wide range of markets and applications.
This includes water supply, SWR (S-Soil, W-Waste and R-Rainwater), fire sprinkler systems, industrial uses, gas/solar applications, bore wells and agricultural piping systems.
Astral Poly Technik is also a major producer of Lubrizol Corporation CPVC products under license from this Berkshire Hathaway company which is both ranked on the Forbes Global 2000 list and part owned by US billionaire business magnate, Warren Buffett.
It is the only licenced manufacturer in the world to make all five Lubrizol CPVC brands.
Sandeep Engineer, CEO, Astral Poly Technik, added: “The equity deal with Bond It represents Astral Poly Technik’s second joint venture outside of India.
“We saw the company as an attractive investment opportunity after encountering its Indian operations and experiencing the quality of its products. We also recognise that the market for these products in India and in neighbouring countries is huge and continuing to grow.”
“The joint venture will enable us to share in Bond It’s success and to add to it through the provision of additional backing, expertise and opportunities.”