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Triveni Glass plans to pay debt, increase output with plant sale proceeds

Post Time:Aug 30,2010Classify:Industry NewsView:112

Triveni Glass Ltd., an Indian maker of glass products that’s doubled in market value this year, plans to pay off debt and expand capacity of building products with cash it expects to get from selling assets.

“We are in talks with local distributors who would like to enter manufacturing,” Finance Director A.K. Dhawan said in a telephone interview today [Aug. 30]. “The purpose of the sale is to clear all our liabilities. If there’s money remaining, we’ll invest it in our Andhra Pradesh plant.” The company’s debt is about 1.5 billion rupees ($32 million), Dhawan said. That’s about five times the market value, according to an Aug. 30 Bloomberg report.

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Source: http://www.glassmagazine.com/news-item/commercial/triveni-glass-plans-pay-debt-increase-output-plant-sale-proceeds-106628Author:

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