Tecnik Fluid Controls has announced the formation of a joint venture with ITT and initial investment to manufacture valves for the pharmaceutical industry in India.
Tecnik Fluid Controls (TFC) is a leading manufacturer of custom-designed industrial fluid control valves and part of the Tecnik Group established in 1996. ITT Industries is a US-based diversified industrial manufacturer.
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 USD 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 US market.
Tecnik Fluid Controls started in biotech business since 2004 and has launched multiple products in the biotech industry from hose to traps to sanitary control valves, TFC has a very strong customer base, which has helped ITT cover about 15% + market share in less than 5 years. This partnership will help them grow faster, and they are targeting 40% market share in the next 3 to 4 years.
Having a complete assembly line of international standards TFC and ITT have made a major impact in the Biotech industry in the last 5 years
Said Bharat Ajwani, managing director, TFC, “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, TFC has launched multiple products in the Biotech industry from hose to traps to sanitary control valves. With a complete assembly line of international standards, TFC and ITT have made a major impact in the Biotech industry in the last 5 years – Initially spearheaded by Mr. Darrall Wilson – head business unit -Valves at ITT.
Tecnik was 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, which will make Tecnik a force to reckon with on the global map.
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 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.”
With its proven track record and expertise in the valve industry in the past 25 years, Tecnik is a true example of “Made In India” and hence no stranger in the Indian manufacturing domain as a company that excels in designing and manufacturing of Pneumatic Globe Control Valves, Lined Globe Control Valves, and ON-OFF valves for simple to critical applications covering variety of industries viz. Pharmaceutical, Chemical, Engineering, Oil & Gas, Petro-chemical, Refineries, Cement, Sugar and Power. Therefore, it comes as no surprise that it attracted the attention of a global leader like ITT.
With the technology transfer that is a critical part of this association, the Indian home-grown valve industry will have access to global designs and solutions which will help it grow and command recognition on a global scale. With a current market share of approximately 15%, Tecnik has the potential to grow to be a leader with 40%+ share.
Tecnik’s customers can look forward to improved quality, quicker turnaround time and a product that is of global excellence while made in India, for India as well as for the world.
Bharat Ajwani and Kaushal Goradia, the founders hail from families who were in the engineering business. After completing their education in engineering, they worked together in a valve company. They have launched, and been a part of many local and imported valves launches, in the Indian market over the last 20 years. They have been in the valves business for the last 25 years, and have grown the business expanding from process industries to petrochemicals, sugar, and power and currently in the food, pharma and biotech business.
With state-of-the-art production facilities and cutting-edge technology at MIDC Boisar (near Mumbai), Tecnik has a family of more than 100 people ready to bring the best of products to its clients.