Asahi Glass Indian venture to invest 140mn

Japan's largest glass maker Asahi Glass said on Thursday its affiliate will spend nearly six billion rupees ($140 mn) to build a new plant in India as the growing economy there sees a boom in construction and cars.

Asahi India Glass Ltd. will invest some six billion rupees to build the factory in Uttaranchal.The investment will boost the joint venture's daily production from 500 tons to 700 tons, said an Asahi Glass spokesman."India's economic growth has increased demand for glass for automobiles and buildings. We figure that this market will continue to expand in the future," he said.

"We want to prepare for future growth of demand by expanding the capacity of the company," he said.

Asahi Glass owns 22.2 per cent of the Indian joint venture, which is the top manufacturer in India for automobile glass products.

600450 Asahi Glass Indian venture to invest 140mn glassonweb.com
Date: 25 July 2005
Source: Hindustantimes.com

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