Modulex India to invest Rs. 100 crore for modular building factory in Maharashtra

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– Poised to be the worlds largest and India’s first steel modular factory

– To create 1000 jobs by 2017

Pune / Mumbai, February 23, 2016: Modulex India a modular building construction company incubated by Red Ribbon Advisory Services (RRAS) announced to invest Rs. 100 crore to set up a modular building construction factory in Pune as part of government theme of “Make in India”. Poised to be the worlds largest and India’s first steel modular factory, Modulex expects to create approximately 1000 jobs in India by 2017. The company built on a 40 acre land will start production in March 2017.

Modulex brings British Standard compliant technology to India to revolutionize the existing construction market. The British offsite construction technology allows for tailored modular buildings through rapid construction in almost 1/5th of time taken by the conventional buildings using the same construction materials and at the same cost per square feet as traditional construction. Modulex aims to become India’s leading manufacturer of permanent steel-framed modular buildings by working with a diverse range of markets including hospitality, education, health, residential, defense and many more.

Modulex buildings have a low carbon footprint, high energy efficiency and 30% less ongoing heating or cooling expenses. Modulex can construct buildings as high as 32 floors.

Commenting on the commencement, Mr. Ajay Palekar, Country Head, Modulex Modular Buildings Pvt Ltd said: “The Indian construction market still has a long way to go in comparison to the global scenario. Modulex aims to take India to the next stage of real estate development by providing a jumpstart to the construction industry and bridging the demand-supply gap created by acute shortage of construction in the country. Modulex surpasses the traditional methods of construction by offering clients with numerous advantages, not limited by cost, time and savings.”

Commenting on the announcement, Mr. Suchit Punnose, Chairman, Modulex UK said: “We believe India has the potential to become a great manufacturing hub and through Modulex we hope to bring in highly advanced & sophisticated technologies from the developed part of the world and apply it here. Global experience shows that modular construction holds the potential to create thousands of employment and support the demands of a prospering economy like India.”