Maytas Infra Ltd has informed BSE that the Company and Nagarjuna Construction Company Ltd, two of India’s leading Construction and Infrastructure Companies, on March 24, 2008 announced that they have together entered into a partnership with Paschal-Werk G.Maier GmbH, which is one of the World’s leading Formwork (shuttering) Companies from Germany, to establish a factory in Vizag which will manufacture Formwork (Modular Shuttering Systems). The announcement was made at the ground breaking ceremony of the factory which was attended by the five proposed Directors of the new Company which included Mrs. Barbara R Vetter (sole owner of Paschal-Werk G. Mater GmbH), Mr. Udo Vetter and Mr. M Volz from Germany. Mr. V Radha Krishna from NCC and Mr. Sudeer Mareddi from Maytas represented the other two Indian partners along with Mr. A Ranga Raju, Managing Director, NCCL and Mr. Teja Raju, Vice Chairman, Maytas Infra.

All three Companies have come together to form a new Company under the name of Paschal Form Work (India) Pvt. Ltd where in Paschal-Werk G.Maier GmbH has a 70% stake with Maytas Infra Ltd and Nagarjuna Construction Company Ltd will have a stake of 15% each. The Formwork (Modular shuttering system) produced here will help in bringing a systematic approach in the construction industry and will make work at building sites much easier, economical, safe and advanced.

Benefits to the Industry:

The factory which is being established on an area of 20 acres at Bayyavaram Village, near Anakapalle, Visakhapatnam, A.P. India, will initially produce the Formwork for the Indian market with a view to eventual export. The initial investment in the initiative is around 100 crores*. The factory has a capacity of producing in excess of 5 lakh sq. ft. of Formwork per year. It is expected to start the production by the end of this year and will produce Formwork systems for all vertical and horizontal concrete construction. Special applications such as climbing and single sided formwork will also be produced.

With this Factory, the construction industry is going to benefit immensely and will result in to mitigation of the labour shortage and speeding up construction activities by 100% with a good quality finish. With the introduction of Modular Shuttering Systems produced by Paschal Form Work (India) Pvt. Ltd., one can reduce manpower, time, and also improve the quality of structures. The Modular Shuttering Systems produced can be used and reused between 150 - 300 times, and Paschal have clients globally who are still using these products even after 20 years.

The benefits of the partnership is not only restricted to the manufacturing of Formwork but will impact the construction industry nation wide, as there are plans to set up depots and training centers which will train people in the use of the Paschal Technology and Formwork. This will help the workers and the industry to move up at a faster pace with the use of this new technology and innovation. The factory at Vizag will be supported by a sister Company viz., Paschal Technology (India) Pvt. Ltd in the matters relating to technology, design, marketing and sales, situated in Hyderabad.

* Including working capital

Commenting on the association, Mr. PK Madhav, CEO Maytas Infra Said, “This is pioneering step in the construction industry and we at Maytas Infra are happy to be partnering with an expert like Paschal for the initiative. The market and requirement for Formwork in India is huge and with this Factory we are hoping to take the Indian Contraction industry to the next level.”