Gujarat Guardian, a 50:50 joint venture between Guardian Industries Corporation of US and Modi Rubber intends to set up a new float glass manufacturing unit in India.
GGL manufactures and sells float…
Gujarat Guardian, a 50:50 joint venture between Guardian Industries Corporation of US and Modi Rubber intends to set up a new float glass manufacturing unit in India. GGL manufactures and sells float glass and other glass products in the domestic market, under the brand name Modiguard. The company already has a float glass manufacturing plant at Baruch in Gujarat which was set up in 1993 for an investment of INR 4,500,000,000. The new plant is expected to be set up in another 2 years time, Mr Alok Kumar Modi, joint managing director, GGL, said at the launch of Modiguard“s new corrosion resistant GMP (green mirror processing) mirror. “By 2004 we want to set up another float glass manufacturing unit to double our present capacity.” “The investment is expected to be around INR 7,000,000,000 and currently we are trying to identify a suitable location in India. The unit can either be funded through internal accruals or we may raise funds by off-loading part of the equity privately or even consider an IPO,” he added. The company currently has a capacity of 1.75,000,000 metric tons for float glass and exports 35% of the total production to 66 countries worldwide. GGL has also just invested INR 140,000,000 to build a state-of-the art mirror manufacturing plant at Baruch, for producing the Modiguard GMP mirror with technology assistance from German company Klopper. With nearly 30% market share of the INR 12,000,000,000 float glass market in India, the company is also planning to introduce new products such as impenetrable laminated glass, heat-resistant insulated glass, glass table tops and furniture. GGL has put aside approximately INR 80,000,000 as its advertising and promotional budget for 2002.