Garware Hi-Tech signs Thermoplastic Polyurethane MoU

Garware Hi-Tech Films Ltd.

has signed a Memorandum of Understanding (MoU) with Lubrizol to jointly develop and manufacture advanced Thermoplastic Polyurethane (TPU)-based film solutions in India. The partnership combines Lubrizol’s TPU technology and material-science expertise with Garware Hi-Tech Films’ engineering, processing and manufacturing capabilities. The products are expected to address applications across automotive, architectural, industrial, electronics and other specialty segments. The company plans to invest approximately ₹118 crore in a dedicated TPU film extrusion and manufacturing platform at its Waluj facility. Around 25% of the investment is earmarked for new-product development and technology capabilities, supporting faster prototyping, product development and commercialisation. The facility is designed with a capacity of around 360 lakh sq. ft. per annum and was earlier planned for commercial operations around October 2026. A key strategic benefit is backward integration of the premium Paint Protection Film (PPF) business. In-house TPU production should reduce dependence on imported TPU films, improve supply-chain resilience and provide greater control over product quality, costs and development. The initiative is expected to support expansion of PPF manufacturing capacity to over 600 lakh sq. ft., while the company expects operational efficiencies from integration to potentially improve consolidated EBITDA margins by around 150–200 basis points. Overall, the investment represents a move toward a more integrated, technology-driven specialty-film portfolio, with TPU capability providing a platform for both premium PPF growth and new high-value film applications.