Azim Premji-led Premji Invest has pumped in around Rs 400 crore in a leading float glass manufacturer called Gold Plus Glass Industry Limited (Gold Plus).
Gold Plus in the only Indian-owned domestic float glass manufacturer and a dominant player in the building / architectural glass segment and plans to use the funds for further expansion. Altamount Capital Management acted as an exclusive advisor to Gold Plus Glass Industry Limited.
Gold Plus in a statement today said that the investment from Premji Invest will help the company increase its capacity by an additional 730,000 tonnes per annum to cater to the increasing demand in this segment, reduce the dependence of significant glass imports, thereby contributing towards the "Make in India" initiative. Also creating large scale employment opportunities. The company also plans to invest Rs 2000 crore over the next 3-4 years, for adding two new float glass lines in India
The demand for float glass is arising out of industry from mega government initiatives like the announcement of 100+ smart cities, development of airports, metros, large infrastructure projects among others.
At present, Gold Plus operates two float glass lines (clear glass and tinted glass) with a combined installed capacity of 427,000 tonnes per annum and commands a 16% share of the current installed float glass capacities in the country.
Gold Plus operates a fully integrated manufacturing facility at Roorkee, Uttarakhand spread across 100 acres and the only facility in North India capable of supplying the highest grades of clear, tinted, hard coated reflective, frosted and mirror glass from a single location.
Subhash Tyagi, the founder and chairman of Gold Plus Glass Industry Limited said, “Gold Plus has a huge opportunity to transform the float glass sector in India and be a pioneer of the industry. We believe that the investment from Premji Invest will help us accelerate our expansion plans and also enable us to increase our market share. The growth in the demand for float glass in India is expected to be robust on a long-term basis.”