AGI Glaspac has managed to raise finances to the tune of Rs 220 crore for manufacturing special glass at its new plant in Telangana. The plant will provide about 600 direct jobs and 4,000 indirect jobs.
The container glass manufacturing company will be producing glass for various cosmetic, perfume, personal care and spirit companies, as well as companies offering carbonated water.
The capital raised will be invested in the construction of the plant, in its machinery and utilities, in obtaining a new furnace and setting up a new team which will develop the recently launched AGI Speciality-Glass Division.
The 14,700 strong workforce of the Company is expected to grow to 19,300 in the next two years. It is hopeful of a revenue growth of at least 15 to 18 per cent by 2022-23.
The Company, which is part of the HSIL Group, is also considering tying up with Indian startups for the printing design and decoration of the speciality glass, to meet the international standards of printing and decoration.
The Group, which also has a plastic pipes business, is attempting to cash in on the opportunity that India has to increase exports and reduce imports. With AGI Glaspac entering the space of specialty glass, it has taken a strategic decision to cater to the increase in demand, which is expected post the pandemic.