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Asahi Glassplant Inc. (AGI Japan) Makes Strategic Investment in Standard Glass Lining Technology Limited

Post Time:Nov 17,2023Classify:Company NewsView:967

Hyderabad (Telangana) [India], November 17: Asahi Glassplant Inc. (AGI Japan) has announced a strategic investment of up to 200 Crores INR in Standard Glass Lining Technology Limited and its affiliated companies, marking the initiation of a long-term business partership. AGI Japan, along with GL HAKKO and its affiliates, will secure a minority stake in Standard Glass Lining Technology Limited, positioning this collaboration as a pivotal force in both AGI Group and the Standard Group's industries and geographies.

Under the definitive agreements, AGI Japan will play a crucial role in facilitating Standard's entry into the Japanese market. The partnership will employ various approaches, including private label arrangements, co-branding initiatives, and the supply of components while adhering to the stringent quality standards that AGI and its valued customers expect.

Yasuyuki Ikeda, CEO of AGI Japan, has been serving as a non-executive director of Standard Glass since March 2023, contributing to the global expansion of the Standard Group. His wealth of knowledge in the global market is anticipated to create synergies that will significantly impact the business. AGI Japan envisions further investment opportunities in businesses closely associated with the Standard Group, particularly those involved in manufacturing mechanical seals, barrier isolators, valves, and other cutting-edge electromechanical products.

Nageswara Rao Kandula, the Managing Director of Standard Group, conveyed his happiness and gratitude to AGI and Ikeda for placing their trust in the Standard Group. He expressed a profound sense of obligation to AGI and Ikeda, viewing this investment not only as a business opportunity but as a commitment to fostering an exceptional business partnership and delivering substantial returns to shareholders.

Expanding Presence in India

Standard Group, including its leading entity, Standard Glass Lining Technology Limited, is committed to broadening the presence of GL HAKKO's products in the dynamic Indian market. Leveraging its robust marketing and sales infrastructure, the Standard Group aims to roll out SEF Glass (Conductivity Glass) technology, enhancing the safety of glass-lined reactors.

AGI Japan boasts an illustrious over 70-year history as a family-owned business group, currently led by Yasuyuki Ikeda, the third-generation CEO. With a remarkable total turnover exceeding 1050 Crores INR, AGI Japan has achieved significant growth through a combination of organic expansion and strategic acquisitions, both domestically and internationally.

Founded in 2012, the Standard Group, including Standard Glass Lining Technology Limited, has a combined annual turnover nearing 750 Crores INR. Renowned for consistently delivering outstanding value to clients in the pharmaceutical and chemical sectors, the Standard Group is expanding its horizons into complementary fields. This includes venturing into heavy engineering equipment for the oil & gas industries, fermentation systems for food and pharmaceutical production, and advanced processing & packaging equipment within the food processing sector. The recent establishment of Standard Flora (P) Ltd. further strengthens the Standard Group's commitment to delivering top-quality PTFE-lined parts and fittings complementing glass-lined equipment.

(ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)

Source: www.business-standard.com/Author: shangyi

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