City-based Kothari Industrial Corporation Ltd. (KICL) has signed a pact with Brazil based OTB Industria e Comercio de Componentes e Technologia Ltda, (OTB) Franca to set up a joint venture company in Chennai to manufacture and market invisible pens and innovative solutions for shoe components.
The joint venture firm will be called as Kothari OTB India Ltd., that will also explore the possibility of making ultra violet lights, which will help in identifying the marking, said KICL in a statement.
The complete technology for the JVC will come from the Brazilian partner, while the Indian partner will hold majority shares.
The project will come up near Chennai. The commercial production is expected to commence in January 20225, while training of people and other formalities will begin from October 2024. The shareholding structure, financial and other details of the proposed project are still being worked out.
The proposed plant will not just service the domestic and overseas market. In short, we will use this JV to service the complete requirements of the Far-East footwear, accessories and furniture upholstery industry,” said KICL Managing Director Jinnah Rafiq Ahmed.
