The subsidiary was officially registered with the Norwegian Register of Business Enterprises on 17 June 2025.
The move marks a strategic expansion for Garware Technical Fibres, a global leader in technical textiles known for its innovative, customized solutions across sectors such as sports, fisheries, aquaculture, shipping, agriculture, coated fabrics, and geo-synthetics. The company operates state-of-the-art manufacturing facilities in Wai and Pune, with its products marketed in over 75 countries.
The company said Norway is one of the company’s key international markets, where it has maintained a branch office for some time. To strengthen its legal and operational presence in the region, the company has decided to transition from a branch model to a fully incorporated local entity.
Therefore, the company is considering to contribute assign and transfer, all of its rights, titleand interest in and to the business alognwith all its assets and liabilities in Norway on going concern basis for an appropriate total lump-sum consideration by means of contribution to and in favor of GTF AS in exchange for fully paid up equity shares of corresponding value by GTF AS to the company.
GTF AS will carry out business activities aligned with those of the parent company. An initial capital of NOK 30,000 (approximately 30,000 equity shares of NOK 1 each) has already been infused into the new entity.
The company confirmed that the incorporation of GTF AS does not require any regulatory or governmental approvals and does not constitute a related party transaction. There is no promoter or promoter group interest in GTF AS beyond its status as a wholly owned subsidiary.
Garware Technical Fibres is a leading player in technical textiles, specializing in providing customized solutions to its customers worldwide. Globally, the company is known for its applied innovation in the fields of sports, fisheries, aquaculture, shipping, agriculture, coated fabrics and geo-synthetics. The company's products are manufactured in state-of-the-art facilities at Wai and Pune and marketed in more than 75 countries.
The company reported a 1.4% increase in consolidated net profit to Rs 71.06 crore on a 13.2% rise in revenue from operations to Rs 432.55 crore in Q4 FY25 over Q4 FY24.
The counter shed 0.68% to Rs 859.65 on the BSE.