HNG Float Glass signs MOU worth Rs 750 crore

HNG Float Glass Ltd. is part of HNG Group which is a leader in the Indian packaging industry with more than 55% market share in the organized container glass sector and a turnover of over Rs 15 billion.HNG Float Glass Ltd. signed an MoU at the Vibrant Gujarat Global Investors´ Summit (VGGIS) 2011. The Memorandum of Understanding comprises HNG’s plans of undertaking an investment worth Rs 750 crore to set up a new float line at its existing float glass manufacturing plant at Halol, Gujarat.The HNG Group has aggressive plans for its Float Glass business. The project targeted to be completed by 2013 -2014 will generate employment for approximately 1000 people. The capacity of this new production line will be 1000 MT per day. This is the second line being set up at Halol in addition to an existing one producing 600 MT per day.The Group recently signed largest deals in the Indian Container Glass Industry worth Rs 2.5 billion with eminent international companies from Switzerland and Germany. These deals are part of HNG’s strategy to follow a very aggressive growth plan which would act as a catalyst in doubling its existing capacity in Container Glass in the next 30-35 months entailing investments of Rs. 25 billion. The company is establishing a new greenfield plant in Naidupeta, Andhra Pradesh along with an additional furnace in its facility at Nasik.Speaking at the occasion Mr. Mukul Somany, Vice Chairman & Managing Director, HNG said, “We are deeply focused on the Glass sector which is buoyant with downstream growth in demands from the realty, automotive and packaging sectors. To help us succeed in our aggressive growth plan this investment will be a significant one which will help in boosting the company’s developmental plans in the float glass segment.” 13.01.2011, HNG Float Glass Ltd.