Tecnik Fluid Controls, a leading manufacturer of custom-designed industrial fluid control valves, has signed a joint venture agreement with US-based diversified industrial manufacturer, ITT Industries Inc to manufacture industrial valves for the pharmaceutical industry in India with undisclosed fresh investment.
ITT will 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 for distribution in the US.
Tecnik Fluid Controls started in the biotech business in 2004. It has launched multiple products in the biotech industry and after the partnership targets a market share of 40 per cent over 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. It has a modern production facility on the outskirts of Mumbai, MIDC Boisar and employs over 100 people.
‘Undisputed market leader’
Bharat Ajwani, MD, TFCPL said with the access to leading technology and best practices the joint venture brings, the company can now become an undisputed market leader and accelerate expansion.
Established in 1996, Tecnik has worked with multiple brands from the US and Europe in the last 5 years and has licence agreements with them. It is forming a joint venture with a US-based company for the first time.
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 a clear leader in the manufacturer of flow component systems to all verticals of the industry.
Tecnik excels in designing and manufacturing Pneumatic Globe Control Valves, Lined Globe Control Valves and on-off valves for simple to critical applications covering a variety of industries including pharmaceutical, chemical, engineering, oil and gas, petrochemical, refineries, cement, sugar and power.
With a current market share of about 15 per cent, Tecnik has the potential to grow to ₹150 crore and can become a leader with a 40 per cent share.
Tecnik’s customers include leading pharma companies such as Intas, MSN, Biological-E, Lupin Biotech, Sun Pharma, Laura’s, Plasmagen Biotech, Sanofi and Baxter.