Fitch affirms Gold Plus Glass Industry's ratings on bank debt

Fitch Ratings has today affirmed [India-based] Gold Plus Glass Industry Ltd.'s national long-term rating at 'BB(ind)'. The outlook is stable. At the same time Fitch has affirmed the ratings of GPGI's modified bank facilities amounts.

GPGI is part of the Gold Plus Group, an industrial group engaged in the trading and processing of glass sheets for the automotive and construction/architectural sectors. In the automotive sector, GPG is one of the suppliers of replacement glasses for automobiles in India. In the construction/architectural sectors, it supplies insulating and other structural glasses to corporate houses and real estate developers. GPG has set up a float glass line unit in Uttrakhand at an installed capacity of 460 tons per day under GPGI with commercial production commencing in January 2009, according to an April 27 Reuters report.

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