Mumbai, September 23: Leading specialty films manufacturer Garware Hi-Tech Films Limited (GHFL), has signed a Memorandum of Understanding (MoU) with US-based Lubrizol to bring the development and manufacturing of its world-class Thermoplastic Polyurethane (TPU) technology to India.
With an intention to support the ‘Make In India’ initiative, the collaboration will involve building a technology-led TPU production platform while also supporting the backward integration of manufacturing TPU films for its premium Paint Protection Film (PPF) business.
Widely used in footwear, automotive components, textiles and consumer electronics, India currently imports a majority of its requirements, while most Indian factories produce finished TPU products.
With this development, Garware aims to bring the entire production home, boosting PM Narendra Modi’s Make In India initiative by advancing production and supply chain resilience in-house.
With demand for premium PPF growing due to rising premium vehicle ownership and other uses, this MoU is expected to help Garware boost its EBITDA margins by 150-200 points overall.
“This association marks a significant milestone in GHFL’s journey towards building a globally competitive, technology-led specialty films business. This collaboration gives us the opportunity to develop new, high-value products across multiple specialty applications, while also strengthening our backward integration in PPF. By combining Lubrizol’s world-class TPU technology with GHFL’s engineering and manufacturing capabilities, we aim to accelerate innovation and build differentiated solutions for the Indian and global markets.” Ms. Monika Garware, Joint Managing Director & Vice Chairperson, GHFL, said in a press release.
“India is emerging as a significant hub for advanced manufacturing, supported by growing domestic demand, strong industrial capabilities and an increasing focus on localization. At Lubrizol, we are committed to enabling this growth through collaboration, innovation and world-class materials science. Our association with Garware reflects a shared vision of advancing high-performance solutions for the Indian market while contributing to a stronger and more competitive specialty materials ecosystem,” Mr. Abhishek Shrivastava, VP and Managing Director, Lubrizol IMEA, added.
