“The product gives great value for money over its lifecycle as it is reusable for more than 100 times, in fact, some people have used it even 200-250 times. This, however, depends on how the product is handled at site. If anyone abuses the product, then its repeated use will be according to that, otherwise it can be used even for 150 to 170 times. We give a 25% replacement value on our old formworks as an incentive to our customers,” added Mittal
Though the company has not opened up to rentals in a significant way, it is open to dealers who can buy the formworks from them and give them on rent, which, according to Mittal is a good business model as they could earn more through renting out the product than by simply selling it.
Nova is also working on monolithic systems for which it has introduced plastic in a combination with aluminium for monolithic application. The system was formulated in 2009 and is awaiting a patent.
The company has a manufacturing unit in Bangalore and one in Delhi. Plans are on to improve its sales network and it has tied up with people who are going to set up offices in Kolkata, Gujarat and Maharashtra. As regards exports, it is exporting to the Middle East and to African countries like Ghana and Angola and has even set up an office in Africa, where it will supply its products from India.
“Creating awareness of our products is a challenge as we are the only one in India making formworks made of plastic, but major contractors are using them currently in many residential, commercial, and infrastructure projects, and the response has been good because of the versatility of the product, which can be used in all and any kind of projects, unlike aluminum that has limited usages,” said Mittal.