TWE OBT, the 50:50 joint venture (JV), will seek growth in the Indian market for nonwovens, which are engineered fabric products. For the 50 per cent holding in the JV, TWE has invested 11.5 million euros in cash.
TWE was in 2022 the fifth biggest importer of nonwovens for the Indian market and the JV would allow it to enter manufacturing in the country. TWE will provide technical knowledge for the hygiene business to the JV.
“Nonwovens is an important sector but the high-end technical solutions have always been imported from Europe or China. TWT OBT will aim to substitute imports,” said Rudra Chatterjee, chairman of Obeetee.
The JV will focus on the hygiene market, automotive and filtration, said Söller.
The joint venture partners have a similar background. TWE is family-run and was founded in 1912. The story of Obeetee, the parent of OTL, goes back to 1920, Mirzapur (Uttar Pradesh) when it was founded by three Britishers. It was acquired by Chatterjee-led Luxmi group in 1998.
OPL, a handwoven rug company, has draped many important institutions in the country. The latest feather in its cap is the new Parliament building in Delhi.