Kolkata, India, July 2008—IFC, a member of the World Bank Group, will help HNG Float Glass Ltd set up a state-of-the-art plant in Halol in the Indian state of Gujarat.
The plant will produce 600 tons of energy-efficient float glass daily, helping meet demand from the construction and automotive sectors, while creating new jobs and developing local supply chains.
IFC will invest up to $25 million in loan and equity in HNG Float Glass, a company set up by C. K. Somany Group. Hindusthan National Glass and Industries Ltd is the flagship company of the group. The project is also supported by DEG, with an investment of $12.5 million.