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Gold Plus Glass Industry Limited Raises Rs. 400 Crores From Premji Invest to Fund Expansion Plans

by businesswireindia.com

Business Wire India

  • Gold Plus plans to invest over Rs. 2000 crores for two new float lines in India
  • Gold Plus aims to increase production capacity by 3 times in the next 3 – 4 years to match the growing domestic demand
  • Current domestic market size of the float glass industry is 3mn tonnes per annum with an expected growth rate of 12%-15% 
Gold Plus Glass Industry Limited (Gold Plus), the only Indian owned domestic float glass manufacturer and a dominant player in the building / architectural glass segment, has successfully raised Rs. 400 crores from marquee Indian investor, Premji Invest, Mr. Azim Premji’s Investment arm, to fund its expansion plans.
Over the next 3-4 years, Gold Plus will invest over Rs. 2000 crores for adding two new float glass lines in India. This expansion is targeted to capture the exponential growth in demand estimated to be witnessed by the industry from mega government initiatives like the announcement of 100+ smart cities, development of Airports, Metros, large infrastructure projects, increased use of energy efficient materials in construction & high demand from the real estate replacement & redevelopment market. Altamount Capital Management acted as an exclusive advisor to Gold Plus Glass Industry Limited.
Gold Plus currently operates two float glass lines (clear glass and tinted glass) with a combined installed capacity of 427,000 tonnes per annum; commands a 16% share of the current installed float glass capacities in the country. This investment from Premji Invest will help the Company increase its capacity by an additional 730,000 tonnes per annum. Through this expansion, Gold Plus plans to cater to the increasing demand, reduce the dependence of significant glass imports, thereby contributing towards the Make in India initiative and also creating large-scale employment opportunities.
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.
Gold Plus also operates two processing units in Haryana and Himachal Pradesh for value-added glass such as toughened, laminated, insulating, ceramic printed, acoustic, bullet proof and automotive glass. Gold Plus, through its processing units, has executed several marquee turnkey projects not only India, but also in Nepal, Bhutan, UK & Qatar. Some of the prestigious projects include the Parliament Library of India, Sahara Star dome, Grand Hyatt – Delhi, key development centres of Infosys among others.
Speaking on the fundraise, Mr. 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.” According to Mr. Tyagi the country needs to add 2-3 float line every 3 years to match up with the demand requirement.
Mr. Jimmy Tyagi, the Executive Director of Gold Plus Glass Industry Limited said,Our motto, from inception, is to provide quality products with impeccable services to our customers. This attitude makes up the DNA of Gold Plus. We are focused to resolve the challenges faced by the customers and exceed  their expectations.”
Mr. Pranav Joshi, Co-founder & CEO of Altamount Capital said, “The investment by Premji Invest into Gold Plus Glass Industry Limited, signals a big shift within the Indian float glass industry and is a very good example of the 'Make in India' story. It truly demonstrates the strength of domestic entrepreneurship and domestic capital.”
According to Prasanna Shastry, Executive Director – Corporate Advisory, Altamount Capital, “As equity partners, Premji Invest bring along their vision and experience for sustainable long-term value creation. The partnership with Premji Invest will accelerate Gold Plus vison of becoming a market leader in the Glass Industry.”
Source: Businesswire