Mauritius Based Pavers Foresight Smart Ventures announced a 50:50 JV with the 150 millon Euro Company "Fly Flot" of Italy. 

Fly Flot is the largest footwear manufacturer in Europe, with presence in 57 countries, and produces close to 7.2 Million pairs of footwear annually. The firm among the worldwide leaders in direct injection polyurethane comfort technology.

Under the arrangement, both partners would invest Euro 2 million for the setup of a Greenfield plant in Tamil Nadu. 

The Joint Venture Company plans to produce 1 million pairs during first phase, which could be further raised to 2 million pairs by 2012. 

Pavers Foresight Smart Ventures is in the process of setting up a footwear design development studio at Ambur in Tamil Nadu at an outlay of around US$5 million. The facility is expected to commence operations by October this year.

Pavers Foresight Smart Ventures is a 50:50 joint venture between the London-based Foresight Group and U.K.-based footwear retail company Pavers Ltd.