India’s most valuable company Reliance Industries (RIL) has signed a license deal with Resysta International GmbH to exclusively make and sell the German firm’s natural fibre polymer composite in the country.
The product, namely RelWood, is the raw material for the production of sheets and various products used in a wide range of wood and plywood replacement applications, according to a statement by RIL.
“Through this strategic partnership with Resysta, RIL looks forward to producing the RelWood compound exclusively to meet the fast-growing demand of a real alternative to tropical wood. Resysta is a leading German innovator, and together we will offer Indian consumers cutting edge technological product as an alternative to natural wood,” said Vipul Shah, chief operating officer (Petchem), at RIL.
RelWoodTM looks and feels like wood but is made of composite natural fibres, polymers and a specialized blend of additives. The company said that RelWoodTM is more durable than wood, and does not require any trees to be felled.
“We are currently licensing our technology across the world, and have found in RIL our perfect partner for India. By manufacturing the Resysta Compound locally, the products become even more environment-friendly and easily available,” said Bernd Duna, CEO of Resysta International.
The market for wood materials in India is estimated at Rs 80,500 crore (or 30.8 million tonnes) with tropical wood having the largest share in volume and value terms, growing at 10% annually. International companies such as Armstrong and Pergo have entered the market for alternative wood by forming strategic alliances with local players to tap the potential.
