Indian glassmaker Triveni Glass Ltd. has announced that it plans to pay off debt and expand capacity of building products with cash it expects to get from sales of assets.
We are in talks with local …
Indian glassmaker Triveni Glass Ltd. has announced that it plans to pay off debt and expand capacity of building products with cash it expects to get from sales of assets. We are in talks with local distributors who would like to enter manufacturing, finance director A.K. Dhawan said. The purpose of the sale is to clear all our liabilities. If there“s money remaining, we“ll invest it in our Andhra Pradesh plant, Dhawan said, adding that the company“s debt is about INR 1.5 billion (USD 32 million). According to Dhawan, the company intends to increase output of glass used in buildings by 25% at its facility, with funds coming from cash generated by the sale of plants in Uttar Pradesh, which closed about four years ago because of “labour problems.“ Profit and sales are expected to almost double by March 2013 from the 2010 fiscal year, he said. Sales totalled INR 305.6 million in the 12 months through March 2010, while revenue in the first quarter of 2010 increased 18%. Dhawan added that in 2011, Triveni Glass may invest around INR 200 million to build a new production line to make electricity-generating solar panels at its Raja Mundry plant in eastern Andhra Pradesh state.