Obeetee Textiles (OTL), a division of one of India’s oldest and largest carpet manufacturers, has acquired a 50% share from TWE group GmbH, a global nonwoven solutions firm, as part of a strategic joint venture.
The 50:50 joint venture (JV), TWE OBT, will work to expand the nonwovens market in India for engineered fabric goods. TWE has made a financial investment of 11.5 million euros for the 50% stake in the JV.
The JV will set up a new facility to manufacture nonwoven products for the health and hygiene sector, a fast-growing segment.
TWE was in 2022 the fifth biggest importer of nonwovens for the Indian market and the JV would allow it to enter manufacturing in the country. TWE will provide technical knowledge for the hygiene business to the JV.
