Premji Invest pumps Rs 400 crore in Gold Plus Glass Industry

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Throughout the following 3-4 years, Gold Plus will contribute over Rs 2,000 crore for including two new buoy glass lines in India.

Gold Plus Glass Industry Ltd, a local buoy glass maker, on Wednesday said it has raised Rs 400 crore from Premji Invest – Azim Premji’s venture arm – to subsidize its extension designs.

Gold Plus as of now works two buoy glass lines (clear glass and tinted glass) with a joined introduced limit of 4,27,000 tons for every annum and cases to have 16 for every penny offer of the aggregate introduced skim glass limits in the nation.

“This venture from Premji Invest will enable the organization to expand its ability by an extra 7,30,000 tons for every annum. Through this extension, Gold Plus wants to take into account the expanding request, diminish the reliance of noteworthy glass imports…and likewise making huge scale business openings,” an announcement said.

Throughout the following 3-4 years, Gold Plus will contribute over Rs 2,000 crore for including two new buoy glass lines in India, it included.

“This extension is focused to catch the exponential development popular assessed to be seen by the business from uber government activities… like the declaration of more than 100 keen urban communities, advancement of Airports…,” the organization said.

Altamount Capital Management went about as an elite consultant to Gold Plus on the exchange.

Gold Plus has an assembling office at Roorkee, Uttarakhand and two handling units in Haryana and Himachal Pradesh. It has executed a few undertakings in India and different nations, including Nepal, Bhutan, UK and Qatar.

“We trust that the venture from Premji Invest will enable us to quicken our extension designs and furthermore empower us to build our piece of the pie. The development in the interest for skim glass in India is relied upon to be hearty on a long haul basis,” Gold Plus organizer and Chairman Subhash Tyagi said.

Current residential market size of the buoy glass industry is evaluated to be 3 million tons for each annum with a normal development rate of 12-15 for every penny, the announcement said.

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