Garware Group: Family & Group Structure

About the Group

Garware Technical Fibres Ltd is the flagship company of the group. The company operates in the technical textiles sector. The company’s two main products include fishing nets, ropes & twines, aquaculture products, industrial ropes & marine hawsers, industrial use yarn & threads, sports’ nets, coated fabrics, geosynthetics. The revenue for FY19 is Rs. 10,178.22 crore. Company’s market cap is Rs. 3,730.03 crore.

The group includes following other companies:

  • Garware Marine Industries Ltd. – The company is into repair of marine vessels. The company’s revenue is Rs. 1.26 crore for FY19 & market cap is Rs. 2.06 crore.
  • Garware Offshore Services Ltd. – The company is into Offshore Support Vessel industry. The company’s revenue is Rs. 127.79 crore for FY19. The market cap is Rs. 11.50 crore.
  • Garware Polyester Ltd. – The company manufactures & exports polyester films having applications in industries engaged in the manufacture of flexible packaging, shrink labels, electrical motor & cable insulation, sequin, magnetic media, imaging, metallic yarn etc. The revenue for FY19 is Rs. 948 crore. The company’s market cap is Rs. 502 crore.
  • Garware Synthetics Ltd. – The company’s products are Garflon Nylon Bristles & Garflon Nylon Bushes & Rods. Revenue for FY19 is Rs. 10.64 crore. Market cap of the company is Rs. 0.77 crore.

Founders of Garware Group:

Bhalchandra Digamber Garware (fondly referred to as Abasaheb Garware) found the Group. He expired in November 1990. Now the 2nd & 3rd generation of family manages the businesses.

Family Structure

Click to enlarge the image

garware family structure from 1st to 4th generation

The group has a dominant position in Indian fishnet industry. According to ICRA 2018 credit report, Garware Technical Fibres Ltd has 60-65% market share in organized domestic fishnets industry in India, 30% share in global netting requirement in salmon aquaculture and 17-18% in fishing segment.

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Author: PA Wealth Advisors

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