Lubrizol, a specialty chemicals company headquartered in Wickliffe, Ohio, has signed a memorandum of understanding with Garware Hi-Tech Films, an India-listed films manufacturer, to jointly develop and manufacture thermoplastic polyurethane, or TPU, film products in India.
The partnership targets automotive, architectural, electronics, industrial and other specialty applications, according to Free Press Journal. Its first product line is paint protection film for cars, and Garware Hi-Tech Films says the deal gives it India’s first dedicated TPU extrusion platform built for premium paint protection film. India is now among the top automotive markets in the world so this relationship makes great sense.
Garware Hi-Tech Films plans to invest $12.3 million in the new TPU extrusion and manufacturing line, with 25% of that going toward new product development and technology infrastructure. The company expects the facility to be running by December 2026 and is targeting paint protection film capacity beyond 600 lakh square feet.
Free Press Journal reported that Garware Hi-Tech Films expects the partnership to improve its consolidated operating profit margin by 150 to 200 basis points.
The announcement names four executives on the two sides: Monika Garware, Garware Hi-Tech Films’ joint managing director and vice chairperson; Deepak Joshi, who leads the company’s sales and marketing; and, on Lubrizol’s side, Abhishek Shrivastava, vice president and managing director for Lubrizol’s India, Middle East and Africa business, and Mittal Shah, business head for engineered polymers and medical devices in that same region.
For American companies, the deal is another reminder that India’s automotive aftermarket has grown sophisticated enough to support a dedicated domestic supply chain for a premium product like paint protection film, rather than importing finished film from overseas.
