The $30 million Meso America, which sources a majority of its products from its export-oriented manufacturing units in India, has joined hands with Polar Ware for setting up a new Greenfield facility in India, products from which would cater to the local market as well as exports.
"We would be providing the land, building, manpower and other such support for the new project while Polar Ware will be providing the investments, which we estimate to be around $10-15 million in the initial stage," Meso America president Sampath Ramesh said.
He said the two companies expected the new venture to contribute as much as $45 million in the next five years.
"The Indian market is growing and we believe it is currently close to $100 million. Therefore, we decided to tap the parent market," company vice-president R P Sharma said.
The company, which distributes over 350 different products in the US, has a fully-owned manufacturing unit in Manesar, Gurgaon, manufacturing pizza making products, stainless steel small wares and high-end buffet and serving trays.