Kineco Group and Exel Composites Celebrate the First Anniversary of their Joint Venture in India

Goa, October 15: ‘Kineco Exel Composites India Private Limited’ a Joint Venture established by Kineco Group, India’s leading company in the Advanced Composites industry and Exel Composites Oyj, a Nasdaq Helsinki listed, world’s biggest company in Pultruded composites industry, marked its first successful year on 14 October 2022. This Joint Venture, headquartered in Goa was established on 14th October 2021 with a vision to build a world class enterprise and develop the Indian Pultrusion market together and has since then garnered the confidence of many Indian & International customers.

While Goa based Kineco, provides advanced composites solutions for mass transportation, aerospace, defense and infrastructure sectors across the globe, Exel Composites, headquartered in Finland has Sales, R&D, and manufacturing footprint in almost all continents in the world and is globally highly recognized by its customers across a wide range of industries. Kineco Exel Composites reflects Kineco’s and Exel Composites’ shared commitment to be a technologically differentiated player in India and accelerate the growth of Pultruded composite structures, especially in the large and growing industries such as wind power, transportation and telecommunications.

Celebrating the first anniversary of this JV Partnership, the Founder and Managing Director of Kineco Group and Managing Director of Kineco Exel Composites India, Mr. Shekhar Sardessai said, “I am extremely happy to mark the first anniversary of our Joint Venture with Exel Composites and celebrate one year of our successful partnership. With Kineco Group’s long and established leadership position in the Indian Composites Industry and Exel Composites’ world class technological expertise and composites know-how, particularly in Pultrusion, we envision our Joint Venture ‘Kineco Exel Composites India emerging as India’s foremost company for specialized Pultruded Profiles & Products for critical industrial applications such as telecommunications, wind power & transportation in India and key overseas markets. Over the last year, Kineco has thoroughly enjoyed working with Exel Composites. Kineco has always strived to be trustworthy and dependable partner for leading international companies for their business pursuits in India. We look forward to celebrating many milestones together with Exel, while creating long term value for the shareholders of both Companies, as we have successfully accomplished in our other strategic long-term partnerships with global leaders. I congratulate the entire team of Kineco Exel and wish them all the very best in making the most of an exciting future that beckons for the JV”.

Further commenting on the occasion, Aditya Reddy, Chairman of the Board of Directors of Kineco and Joint Managing Director, Indo-National Ltd. (a majority shareholder in Kineco) said, “I congratulate the management teams of Kineco and Exel Composites on demonstrating a successful partnership over the last one year. I am certain that like Kineco and Exel Composites, our JV ‘Kineco Exel Composites India’ too will prove to be a widely recognized brand in the composites industry for innovation and technology and emerge as the leader in the Indian Pultrusion market. We look forward to a mutually rewarding relationship and extend my warmest wishes for the years ahead.

“Kineco Exel Composites India’s first year of operation saw the core attributes of a successful joint venture come to life, with the continuous and seamless exchange of knowledge and expertise between the Partners and consistent focus on finding superior and sustainable product solutions for challenges faced by our customers. Kineco’s strong market presence in the Indian Composites Industry combined with our experience in Pultrusion process technology has cemented our Joint Venture’s competitive positioning in the Indian market. It has been an enriching journey with Kineco and we are happy that our vision & commitment to provide our discerning customers with the best quality Pultrusion products is driving the company towards becoming one of the leading Pultrusion Players in the Indian Market. I wish everyone at Kineco Exel Composites heartiest congratulations on marking its first milestone.” says Mikko Rummukainen, Chairman of Board of Directors of Kineco Exel Composites India and Chief Financial Officer of Exel Composites.

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