The company raised an investment of 2.2 billion INR to manufacture special glass for premium segments, such as cosmetics, perfumery, personal care, carbonated water, and high-end spirits. The first phase of investment will go towards four levels of expenses – civil construction of the plant, machinery and a new furnace, utilities, and finally new team for the development of the newly launched “AGI Speciality-Glas Division”.
The new glass manufacturing facility will have a manufacturing capacity of 150 tonnes per day and will include one new furnace with five manufacturing lines spread across 15 acres. It will cater to industries such as pharmaceuticals including vials, perfumery, cosmetics, and high-end liquor.
The company will engage more than 4,600 people, including direct and indirect employees. The total strength of the team is 14,700, and it will be 19,300 by the end of 2022. The company foresees top-line growth in its revenue by not less than 15-18 per cent by 2022-23.
For the printing design and decoration of the speciality glass, AGI Glaspac will evaluate engaging with Indian start-ups that can meet the international standards of printing and decoration.
Rajesh Khosla, President & CEO of AGI Glaspac, said, “The pandemic has resulted in geopolitical disengagement with certain countries. It will leave the glass industry with a huge void and a shortfall of suppliers or importers in the future. We believe that it is a huge opportunity for Indian manufacturers and start-ups for various industries to increase exports and reduce imports.
“It is a golden opportunity to raise the bar in the international markets for “Made in India” products. AGI Glaspac’s entry in the new segment of manufacturing speciality glass is a strategic decision. It will allow us to cater to the much-expected rise in the global demand after the pandemic subsides.”
Earlier this year, the company had announced a geographical expansion with investments in the eastern part of India. However, due to the pandemic, the company envisaged investment opportunities to expand its existing plant at Bhongir, Telangana.