Strategic Partnership Overview
Garware Hi-Tech Films Limited (GHFL) and Lubrizol have signed a Memorandum of Understanding to collaborate on the development and manufacturing of Lubrizol's world-class Thermoplastic Polyurethane (TPU) technology in India. This partnership represents a significant step in GHFL's strategy to build a technology-led TPU product platform across new specialty applications while enabling backward integration into TPU films for its premium Paint Protection Film (PPF) business.
Investment and Financial Details
The collaboration involves a ₹118 crore investment by GHFL in advanced TPU film extrusion and manufacturing capabilities. Notably, nearly 25% of this investment (approximately ₹29.5 crore) is allocated toward new product development and technology capabilities. The initiative is expected to deliver an incremental improvement in EBITDA margins by 150-200 basis points on a consolidated level.
Technical Collaboration Details
The partnership combines Lubrizol's global TPU technology and material science expertise with GHFL's engineering, processing and manufacturing capabilities. The collaboration will focus on developing and commercializing new, high-value TPU-based products in India using Lubrizol's ESTANE® TPU technology.
Market Applications and Expansion
The collaboration will create opportunities across multiple high-value specialty applications including:
- Automotive
- Architectural
- Industrial
- Electronics
- Other high-value specialty applications
This expansion significantly increases GHFL's addressable market and enables participation in new technology-driven product categories.
Backward Integration for PPF Business
The facility will be India's first dedicated TPU extrusion platform for premium PPF and will support the company's expansion of PPF manufacturing capacity to over 600 LSF (likely Linear Square Feet or similar measurement). The backward integration provides:
- Greater control over critical input materials
- Improved product consistency
- Enhanced manufacturing efficiency
- Increased supply-chain resilience
- Reduced dependence on imported TPU films
Operational Timeline and Capabilities
The TPU film extrusion facility is expected to be operational by December 2026. The dedicated TPU film extrusion capability is designed to:
- Accelerate product development
- Enhance prototyping capabilities
- Speed up commercialization processes
- Enable faster response to evolving customer requirements
- Support closer integration between TPU processing and PPF manufacturing
Market Context and Growth Drivers
The premium PPF market continues to benefit from several favorable trends:
- Rising premium vehicle ownership
- Increasing consumer awareness
- Expansion of automotive detailing and customization networks
- Government of India's "Make in India" initiative supporting advanced material processing localization
Management Commentary
Ms. Monika Garware, Joint Managing Director & Vice Chairperson, GHFL: "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."
Mr. Deepak Joshi, Director - Sales & Marketing, GHFL: "GHFL's ₹118 crore investment in advanced TPU film extrusion and manufacturing capabilities is expected to be operational by December 2026, together with the expansion of PPF manufacturing capacity to over 600 LSF, marks a significant step in strengthening our technology-driven, value-added portfolio."
Mr. Mittal Shah, Business Head - Engineered Polymers & Medical Devices IMEA, Lubrizol: "We look forward to supporting Garware on its TPU extrusion setup for PPF in India leveraging our global TPU technologies to help deliver best-in-class solutions."
Mr. Abhishek Shrivastava, VP and Managing Director, Lubrizol IMEA: "India is emerging as a significant hub for advanced manufacturing, supported by growing domestic demand, strong industrial capabilities and an increasing focus on localization."
Corporate Background
Lubrizol: A Berkshire Hathaway company, founded in 1928, with global reach including more than 100 manufacturing facilities, sales and technical offices and more than 7,000 employees worldwide.
Garware Hi-Tech Films Limited: One of the largest manufacturers of Sun Control window films for architectural & automotive applications, Paint Protection Films (PPF) and high-end BOPET films for label and industrial applications. The company has presence in 90+ countries and maintains vertical integration for quality control.