Fuelled by the growing demand for liquor and food and beverages, Hindusthan National Glass and Industries Ltd will set up a greenfield project in Andhra Pradesh. 'We are on a high growth path indicative from the targeted increase in production capacities.
We have already earmarked investment of an initial amount of Rs.350 crore for setting up a greenfield project in Andhra Pradesh,' Hindusthan National Glass and Industries Joint Managing Director Mukul Somany said in a statement here Wednesday.
HNG has 60 percent market share in glass packaging industry. With a rise in demand of the liquor and food and beverages, the demand for glass packaging will increase.
'We are in the process of finalising the agreement with Andhra Pradesh government, post which we aim to set up a flint glass manufacturing plant with a capacity of 450 tonnes per day,' he said.
The greenfield project will be funded through a mix of internal accruals as well as debt.'