Kemrock Industries and Exports Ltd, leading maker of composite products, has informed that it has inked a memorandum of understanding (MoU) with the Germany-based Saertex GmbH & Co.

As per official sources, the MoU has been signed for establishing a joint venture (JV) in 50:50 partnership ratio in India.

Sources added that the JV to be named as Saertex-Kemrock India Ltd, will establish a new plant for producing various components for Indian as well as worldwide aeronautical industry.

The Gujarat-based company stated in a communiqué that the new plant will be located at Vadodara in Gujarat and is likely to be on stream in mid 2010.

The conglomerate did not reveal any financial details in this regard.

The major activity of Saertex is to produce glass, carbon as well as fabrics. The company has expanded its foothold in India through its wholly-owned arm, Saertex India.