The purpose is to manufacture industrial valves for the pharmaceutical industry in India, funded by an initial multi-million dollar investment by US-based $3 billion diversified firm, ITT
FinTech BizNews Service
Mumbai, November 28, 2023: Tecnik Fluid Controls Pvt. Ltd. (“TFCPL”), a leading manufacturer of custom-designed industrial fluid control valves and part of the Tecnik Group established in 1996, today announced the formation of a joint venture with US-based diversified industrial manufacturer, ITT Industries Inc. (“ITT”).
This strategic collaboration aims to revolutionize the sector and boost India's standing in the global market. The purpose is to form a long term cooperation agreement to manufacture industrial valves for the pharmaceutical industry in India, funded by an initial multi-million dollar investment by US-based $3 billion diversified firm, 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.
Tecnik Fluid Controls Pvt. Ltd (TFCPL) started in Biotech business since 2004 and has launched multiple products in the Biotech industry from Hose to Traps to Sanitary Control valves, TFCPL has a very strong customer base, which has helped ITT cover about 15% + market share in less than 5 years. This partnership will help than grow faster, and they are targeting 40% market share in the next 3 to 4 years.
Having a complete assembly line of international standards TFCPL and ITT have made a major impact in the Biotech industry in the last 5 years
Said Mr. Bharat Ajwani, Managing Director, TFCPL, “At Tecnik, we pride ourselves on being a part of “Atmanirbhar Bharat” and delivering world-class valves to our clients meeting the stringent requirements of ASME BPE. 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.”
Since 2004, TFCPL has launched multiple products in the Biotech industry from hose to traps to sanitary control valves. With a complete assembly line of international standards, TFCPL and ITT have made a major impact in the Biotech industry in the last 5 years – Initially spear headed by Mr. Darrall Wilson – Head Business Unit -Valves at ITT.
Tecnik established in 1996 by two young like-minded engineers who believed that the Indian Valve industry has great potential to influence the global valve market. In the last 5 years, Tecnik has worked with multiple brands from the US and Europe with whom they have had License agreements. Now for the FIRST time the company is forming a JV with US-based diversified industrial manufacturer, ITT Inc., which will make Tecnik a force to reckon with on the global map.
Said Mr.KASTURI RANGAN – Vice President, ITT, “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. ”
