Hindustan National Glass and Industries (HNG) is setting up a mega greenfield glass manufacturing complex at Naidupeta in Nellore district of Andhra Pradesh with an initial investment of Rs 700 crore.
To be set up in 210 acres, the complex will house the largest batch house in the world, having a capacity of 650 tonne per day (TPD) and the world?s largest container glass end port fired furnace of 175 sq metres.
It will also be South-East Asia?s largest glass complex. The company has six plants across the country of which four are through acquisitions. It will soon commence civil works.
Speaking to the FE, Mukul Somany, vice-chairman and managing director of HNG, said, ?This is the first mega greenfield project for us and on completion (with three container glass and two float glass plants) will become South-East Asia?s largest glass complex. We would have invested more than Rs 4,000 crore into the container and bottle glass plants alone to scale up our capacity of this complex to 3,500 TPD.?
HNG?s sister concerns are also investing separately for float glass plants, he said. The first phase of this project will come up by March 2012.
?The project will be funded in the debt-equity ratio of 2:1 and we will achieve the financial closure in four weeks. With a market share of 55%, this complex will help us ramping up capacity at our existing plants,? Somany said.