Piramal Glass: investments in new plant

Piramal Glass, India-based manufacturer of glass containers, said that it intends to invest about INR 1000 million (USD 22 million) to set up a new unit this year.
Vijay Shah, managing director of th…

Piramal Glass, India-based manufacturer of glass containers, said that it intends to invest about INR 1000 million (USD 22 million) to set up a new unit this year. Vijay Shah, managing director of the company said a new furnace will be set up to produce bottles at the company“s existing plant in the Indian state of Gujarat in response to increased demand from domestic and overseas markets. The new unit is expected to have a production capacity of 160 tonnes per day and will be operational by fourth quarter of fiscal 2011-12. The company also said it plans to raise prices from 1 February 2011 to offset cost escalation. Piramal manufactures all kinds of glass bottles for the pharmaceutical and perfume industry and has a total capacity of 1,115 tonnes per day. The company has sales and distribution presence in most major markets across the globe, including Europe, the US and South America.