Gold Plus Glass Industry Limited, country’s second largest (1250 tonnes perday) float glass manufacturing company, already started working on the India’s largest float glass project to meet the demand for indigenous float glass.
The Project is coming up in a massive land of approx. 200 acres in Belagavi, Karnataka in Kanagala Industrial Area.
The new green field project will consist of 2 float lines of 800 tonnes per day capacity each and a solar glass line of 300 tonnes per day capacity.
Amongst the above heavy float glass lines, the float glass line with 800 tonnes per day capacity is likely to commence production from 1ST quarter of calendar year 2023. With a gap of 6 months each, the other two lines with production of 300 tonnes of solar glass and 800 tonnes of float glass per day will also commence.
The above float glass projects of the company would to a certain extent be helpful in meeting the increasing demand for float glass in the country. Also one of the float lines will be the first in India that is designed to produce 15 and 19 mm thick glass. Two float lines at the same location are planned to provide complete product mix of clear and tinted glass variants to the customers.
The company has also planned to set up a solar glass plant keeping in view the environment as solar glass is used to generate electricity in photo voltaic panels.
Kotak Special Situations Fund To Invest Up To Rs 450 Cr In Gold Plus Glass Industry :
Kotak Special Situations Fund (KSSF), managed by Kotak Investment Advisors Limited (KIAL) on Tuesday said it has invested up to Rs 450 crore in Gold Plus Glass Industry.
Under the transaction, of the total up to Rs 600 crore to be raised by Gold Plus, KSSF will invest up to Rs 450 crore, while Premji Invest, an existing investor in Gold Plus, will invest up to an additional Rs 150 crore, according to the official statement.
The funds raised by Gold Plus will be used to invest in the Company’s expansion plan of setting up two new float glass manufacturing lines and one solar glass line in South India for a project of up to Rs 2,500 crore, it said.
Subhash Tyagi, Chairman, Gold Plus said, “Gold Plus is poised for its next phase of growth by participating and contributing to the ‘Make-in-India’ vision of the Government of India. I am pleased to welcome KSSF on board, along with Premji Invest who have shown confidence in our Company by investing in the second round of funding. Our journey over the past decade has been about being the one-stop solution for glass, investing in the future and capability enhancement. We will continue to create consistent value for our stakeholders and scale new levels of success.”
Jimmy Tyagi, CEO, Gold Plus said, “This is an exciting phase for the Company. This investment will fast track our expansion plan and will bring significant merits for the industry and contribute to making India self-reliant for glass production where currently more than 30 per cent of glass requirement is met through imports. We will strive to meet the expectations of our stakeholders by continuing our business management model in order to simultaneously generate economic, societal and environmental value.”
Eshwar Karra, CEO-Kotak Special Situations Fund, Kotak Investment Advisors said, “Our investment in Gold Plus is in-line with the Make-in-India programme of the Government and our philosophy of partnering with high-quality, growth-oriented businesses. The Indian float glass industry is undergoing a structural shift with growing usage in architectural, automotive and industrial sectors, along with the Government’s increasing support for domestic manufacturers. We believe Gold Plus, the only Indian player in the sector is ideally poised to capture this growth trend in the coming years and we look forward to play an active role in the company’s growth story.”
Rajesh Ramaiah, Partner, Premji Invest said, “We are excited to commit further capital to our existing partnership with Gold Plus for one of the largest expansions planned in the glass Industry. The expansion will help reduce the import dependency in line with Government’s Atmanirbhar initiative.”