Indo-Asahi Glass Company Ltd. is considering manufacturing “environmentally-friendly products” at its facility at Sodepur in India.
At the conclusion of the company“s 43rd annual general meeting hel…
Indo-Asahi Glass Company Ltd. is considering manufacturing “environmentally-friendly products” at its facility at Sodepur in India. At the conclusion of the company“s 43rd annual general meeting held recently, Mr. P.N. Roy, chairman of Indo-Asahi Glass Company Ltd., said a foray into the manufacture of new products had become imperative in view of the downtrend in the market for float glass. Roy said the company“s erstwhile joint venture partner, Asahi Glass Company of Japan, had withdrawn from the float glass and figured glass business. On 14 October 1999, Asahi Glass sold its 39.76% holding in the Indo-Asahi Glass to the Baroda-based Bharat Glass Tubes Ltd. With the Japanese partner withdrawing from the venture, it had been proposed to change the name of the company in the near future. Stating that Indo-Asahi Glass suffered financial losses during the 18 months ended 30 September 1999, owing to stiff competition in the flat glass industry and uneconomic sales realizations among other things, Roy said the company was “trying its human best” to turn around its fortunes in the present circumstances. The marketing focus henceforth would be on niche products for niche markets, such as superior quality figured glass and thinner sheet glass. It is hoped that an upward swing – however slow – in construction and related industries will auger well for the glass industry in the months ahead. Greater participation of government in infrastructure and developmental activities, too, would enable glass companies to improve their viability. Regarding Indo-Asahi Glass, the management had initiated effective cost-control measures and stepped up marketing activities for increased sales and realizations. During the 18 months ended 30 September 1999, Indo-Asahi Glass recorded a sales revenue of Rs 107.13 compared with sales revenue of Rs 55.97 in the year ended 31 March 1998 (12-month period). The loss for the 18-month period under review stood at Rs 21.16 against a loss of Rs 17.63 recorded in the year ended 31 March 1998.