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 USD 3bn 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.