Textile company Arvind has announced the formation of a joint venture with Germany-based PD Fiber Glass Group for the manufacture of glass fabrics in India, with an investment of Rs 80 crore over the next five years.

The venture, to be known as Arvind PD Glass Composites Pvt Ltd, will have 51:49 equity participation from Arvind and PD Group respectively, for a new factory to be set up in Santej, in India’s Ahmedabad district.

It will have the capacity to manufacture 30,000 tonnes per annum of glass fabrics in five years and is expected to start production in March 2012, exporting 70% of its products initially. The venture is expected to achieve revenues of Rs 250 crore after the first phase of investments in three years and Rs 500 crore in five years.

The current market size of glass and technical-industrial textiles in India is thought to be approximately 60,000 tonnes annually, worth approximately Rs 500 - 700 crore.