Garware Hi-Tech Films Signs MoU With Lubrizol, New TPU Film Partnership Targets Innovation and 200-Bps Margin Boost
Garware and Lubrizol will develop TPU films in India through a ₹118-crore platform, targeting premium PPF growth and a 150–200-bps EBITDA margin boost.
(L-R): Mr Deepak Joshi, Sales & Marketing, GHFL, Ms. Monika Garware, Joint Managing Director & Vice Chairperson, GHFL and Mr Abhishek Shrivastava VP and Managing Director, Lubrizol IMEA and Mr. Mittal Shah, Business Head - Engineered Polymers & Medical Devices IMEA, Lubrizol |
Mumbai: Garware Hi-Tech Films Limited (GHFL) has signed a memorandum of understanding with specialty chemicals major Lubrizol to develop and manufacture advanced thermoplastic polyurethane-based film solutions in India.
The collaboration will combine Lubrizol’s global TPU technology and material-science expertise with Garware’s engineering, film-processing and manufacturing capabilities. The companies plan to develop high-value products for automotive, architectural, electronics, industrial and other specialised applications.
₹118-Crore Investment Planned
GHFL is investing approximately ₹118 crore in advanced TPU film extrusion and manufacturing capabilities. Nearly 25% of this investment is expected to be directed towards new product development and technology infrastructure.
The facility is scheduled to become operational by December 2026. It is expected to accelerate product design, prototyping and commercialisation while helping Garware respond faster to changing customer requirements.
The partnership also supports the government’s Make in India programme by localising advanced material processing and specialty film production.
Premium PPF Capacity to Expand
The project is expected to establish India’s first dedicated TPU extrusion platform for premium paint protection films. Garware also plans to expand its PPF manufacturing capacity to more than 600 lakh square feet.
In-house TPU extrusion will give the company greater control over a critical raw material, improve product consistency and strengthen supply-chain resilience. It could also reduce Garware’s dependence on imported TPU films.
EBITDA Margins Could Improve
The backward-integration initiative is expected to improve the economics of Garware’s premium PPF business. The company anticipates an incremental consolidated EBITDA margin improvement of 150–200 basis points.
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Demand for paint protection films is being supported by rising premium-vehicle ownership and the expansion of automotive detailing and customisation networks.
Garware said the partnership would help build a globally competitive, technology-led specialty films portfolio. Lubrizol added that India’s growing manufacturing capabilities and domestic demand made the country an important market for advanced material solutions.
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