The family investment arm of Azim Premji -- Premji Invest -- has pumped Rs 400 crore in domestic floating glass manufacturer Gold Plus Glass Industry Ltd.
The family investment arm of Azim Premji — Premji Invest — has pumped Rs 400 crore in domestic floating glass manufacturer Gold Plus Glass Industry Ltd. With this investment, Premji Invest is looking to gain from the expansion plan of Gold Plus Glass industry, which is a leader in the architectural glass segment.
The glass company is looking at higher demand due to various government initiatives such as Smart Cities and the development of airports, metros etc. Gold Plus Glass Industry, which is the first 100% Indian owned glass company, said that the investment from Azim Premji group can help the company expand by an additional 7,30,000 tonnes per annum. This will also lead to a reduction in glass import by the company and subsequently generate employment.
Established in 1985, the company already has two processing units in Sonipat (Haryana) and in Kala Amb (Himachal Pradesh) and one float glass manufacturing unit in Roorkee (Uttarakhand) with a capacity of 470 million tonnes per day. The company already has products such as float glass, clear reflective glass, mirror, frosted glass, auto-processed glass, architectural processed glass, and lacquered glass.
The company which claims to have 16% share in the total installed glass capacity had said that it will invest over Rs 2,000 crore in next three-four years. Float glass industry is expected to grow at 12-15% in coming years, the company said in a statement.
Premji Invest, which specialises in private equity and venture capital investments, is known for making investment in the range of $20 million to $60 million, mostly in growth capital. In 2016, online eyewear company Lenskart also raised an undisclosed amount from Premji Invest. From Snapdeal, PolicyBazaar to Myntra, Premji Invest has invested in a score of promising companies.