Kineco Limited - World of Composites

KINECO ACQUIRES 100 % SHAREHOLDING CONTROL OF KINECO KAMAN SUBSIDARY 6th October 2024- Goa-based Kineco Limited (KINECO), a leading manufacturer of advanced composite products for the aerospace, defense, and railway sectors, has announced the acquisition of an additional 49% equity stake in its subsidiary, Kineco Kaman Composites India Private Limited (Kineco Kaman), from the U.S.-based J.V. partner Kaman Aerospace Inc. This transaction makes Kineco Kaman a wholly owned subsidiary of Kineco Limited. Kineco Kaman was founded in 2012 as a joint venture between Kineco and Kaman Aerospace, with the aim of addressing the growing demand for advanced composite parts and sub-assemblies for the aerospace and defense industries in both India and globally. Over the past 12 years, the company has earned a strong reputation for manufacturing complex composite components and sub-assemblies used in aerospace, defense, and space applications. The company has received multiple Gold Supplier awards for excellence in quality and 100% on-time delivery from global Original Equipment Manufacturers (OEMs). Kineco Kaman has also been a preferred supplier for major Indian defense and space programs, including ISRO’s Chandrayaan-3 and Gaganyaan missions, as well as defense helicopter and combat aircraft programs. Shekhar Sardessai, Founder, Chairman and Managing Director of Kineco Limited, expressed his appreciation for the long-standing partnership with Kaman Aerospace, highlighting the company’s consistent performance and world-class capabilities. “In over a decade of partnership with Kaman, we built a company that has demonstrated global competitiveness and credibility in the aerospace industry. We are deeply grateful to Kaman Aerospace for their unwavering support and trust throughout the years,” Sardessai remarked. Sardessai also emphasized that this acquisition aligns with the company’s strategic focus on deepening its presence in the aerospace and defense sector and will be value accretive to the company in the medium to long term. He added, Kineco now plans to integrate all of its aerospace & defence businesses into a single SBU to be branded as “Kineco Aerospace & Defence’. This unification strategy coupled with full control of the SBU, will now position Kineco to pursue more ambitious growth targets.

Kineco's JV Partner Exel Composites and the JV, Kineco Exel Composites India (KECI) have won the bidding process in India for Vestas Wind Systems A/S for pultruded carbon planks for wind turbines. The products will be manufactured with pultrusion in KECI’s new factory in Goa, India, optimized for serving wind power industry customers in India and globally. The parties have started the qualification process of the production facility according to Vestas’ specifications, after which KECI will be a qualified supplier of carbon flats for Vestas globally. Deliveries are estimated to begin in the last quarter of 2025. The agreement is an extension of an existing multi-year frame contract updated in 2023 and deepens the collaboration between the companies, which started over a decade ago. Headquartered in Aarhus, Denmark, Vestas is one of the largest and most prominent companies in the wind energy industry, designing, manufacturing, installing, and servicing wind energy projects worldwide. Spar caps, which utilize carbon planks, are essential structural components within wind turbine blades, providing the strength, stiffness, and load-bearing capacity needed to withstand the dynamic forces encountered during operation. As wind turbines continue to increase in size, carbon fiber composites will play a crucial role in meeting the demanding mechanical requirements needed for these advancements. “We are pleased to strengthen our partnership with our long-term customer Vestas and look forward to supporting them in their strategic initiatives in India and globally,” says Kathy Wang, EVP Industrial Solutions at Exel Composites. “It is a pleasure to work with the Exel team, we are looking forward to a fast development of the carbon plank business in India,” says Steven Zhu, Blade Procurement, Vestas APAC, China. Exel Composites and Kineco Exel India (KECI) offer wind turbine manufacturers a comprehensive range of glass fiber and carbon fiber composite components required for the manufacturing of modern on-shore and off-shore wind turbines. KECI was established in 2021 as a joint venture between Exel Composites and the Indian company Kineco Group.

Kineco Ltd., a leading flag bearer of "Make in India" Mission achieved yet another milestone, when the 1st of 16 Kineco make Composite Hull mounted Sonar Dome was fitted to 'Anti Submarine Warfare- Shallow Water Craft' corvettes. (ASWSWC). These indigenously developed Sonar domes manufactured by Kineco at its Goa India based manufacturing facilities, have been supplied to Bharat Electronics Ltd, Bangalore to be fitted to 'Shallow Water Craft' class Corvettes being built at GRSE and CSL Shipyards for Indian Navy. The Sonar domes and Sonars are designed by DRDO with Sonar domes manufactured by Kineco's skilled workforce, mitigating the dependency on imports, is touted as one of the most successful stories of the 'MAKE IN INDIA' Mission and ‘Atmanirbhar Bharat’ initiatives showcasing prowess of Indian engineering and journey towards self-reliance in Defence. #MakeInIndia #Atmanirbhar Bharat

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