AGI glaspac, a leading global manufacturer of integrated container-glass, today inaugurated its new plant work and announced that with the manufacturing of speciality glass, the company foresees topline growth in its revenue by not less than 15-18 per cent by 2022-23. The company last week raised an investment of INR 220 crores to manufacture special glass for premium segments, such as cosmetics, perfumery, personal care, carbonated water and high-end spirits. These special glasses require an additional layer of printing decoration, design and detailing work, which is possible only using specific technologies. AGI glaspac aims to attract further investment to complete the work.
For the printing design and decoration of the speciality glass, AGI glaspac will evaluate engaging with Indian start-ups that can meet the international standards of printing and decoration.
The company has been serving its customers in the liquor, wine, food, chemical and pharma industry worldwide with commercial and Type1 glass quality for over 40 years. The addition of clear speciality glass to its portfolio will cater to a new customer segment.
Rajesh Khosla, President & CEO of AGI glaspac, said, “The pandemic has resulted in geopolitical disengagement with certain countries. It will leave the glass industry with a huge void and a shortfall of suppliers or importers in the future. We believe that it is a huge opportunity for Indian manufacturers and start-ups for various industries to increase exports and reduce imports. It is a golden opportunity to raise the bar in the international markets for the ‘Made-in-India’ products. AGI glaspac’s entry in the new segment of manufacturing speciality glass is a strategic decision. It will allow us to cater to the much-expected rise in the global demand after the pandemic subsides.”
The first phase of investment of INR 220 crores will go towards four levels of expenses – civil construction of the plant, machinery and a new furnace, utilities and finally new team for the development of the newly launched ‘AGI Speciality-Glas Division.’ The company will engage more than 4600 people, including direct and indirect employees. The total strength of the team is 14,700, and it will be 19,300 by the end of 2022.
Sri KT Rama Rao, Minister for Municipal Administration & Urban Development, Industry & Commerce, Information Technology, at Telangana state said via Twitter, “Happy to welcome new investments from the HSIL Group into its glass business AGI glaspac, along with plastic pipes business. Many thanks to good friend and Managing Director of HSIL Limited Sandeep Somany for his continued support towards the Telangana state.”
Early this year, the company had announced a geographical expansion with an estimated investment of INR 700 crores in the eastern part of India. However, due to the pandemic, the company envisaged investment opportunities to expand its existing plant at Bhongir, Telangana. With the ease of doing business at Telangana, the company has chosen the state for the new segment launch. The plan to geographically expand to service the trade-sensitive regions will be taken up later.
Source : AGI Glaspac Press Release