Float glass manufacturer Gold Plus Glass Industry has confirmed plans to set up a solar glass factory. The plant will be located in South India with a capacity of 300 tonnes per day which will be commissioned by September 2023.
Gold Plus Glass Industry, India’s second-largest float glass manufacturer, is foraying into solar glass manufacturing.
During an interview, Vivek Dubey, a whole-time director, stated that the Gold Plus Glass Industry would set up a solar glass factory in South India. The plant will have a capacity of 300 tonnes per day and will be operational by September 2023.
Gold Plus Glass Industry is as of now in conversation with government authorities of at least two Southern states for land allocation and capital/income subsidies. The organization is probably going to finish the state and the land parcel in the next 3-4 weeks.
The plant will produce additional clear, textured glass with an anti-reflective coating of 2 to 6 MM thickness (including 3.2 mm).
Further, Mr. Dubey said, “The plant will be able to provide the complete range of glass required for solar PV modules, including 2 mm tempered solar glass.
The idea is to meet domestic demand, but [the company] will also be ready to explore some export opportunities.”
Currently, Gujarat-based company Borosil Renewables are the only solar glass manufacturer in the country, which meets about 40% of India’s solar glass requirement. Import meets the balance of demand.
Gold Plus is looking to fund the expansion through a mix of internal accruals, equity raises, and debt. KPMG has been appointed to assist the Company in the fundraise. The company is already backed by Azim Premji’s Investment arm, Premji Invest, which invested INR 400 crore in 2018.
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