NewsVoir
New Delhi [India], January 7: Gold Plus Glass Industry Limited ("Gold Plus"), the second-largest float glass manufacturer in India with 22% share of manufacturing capacity for float glass as of September 30, 2023 (Source: CRISIL Report dated January 2024), proudly announces the successful commissioning of its manufacturing facility in Karnataka. With this expansion, Gold Plus has solidified its position and further diversified its product offerings by entering the solar glass segment.
The Karnataka project achieved Commercial Operations Date (COD) milestones in June 2024. The total phase wise float glass manufacturing capacity installed in the Project is 584,000 metric ton per annum and Solar Glass manufacturing capacity is 109,500 metric tons per annum. The project's total investment of Rs. 2,500 crore underscores Gold Plus commitment to driving innovation and capacity expansion in India's glass manufacturing industry. The Company already has an existing facility of 456,250 metric tons per annum at its Roorkee Plant. [With the addition of the Karnataka facility, Gold Plus' total installed float glass capacity now exceeds one million tons annually, reaching an impressive 1,040,250 metric tons per annum and Solar Glass capacity of 109,500 tons per annum.
As per CRISIL report dated January 2024, post expansion and achievement of COD in June 2024, the Company's capacity share is expected to be 26.1% of the total float glass industry capacity in India.
A Vision for Gold Plus
Gold Plus' Karnataka facility is not just an achievement in capacity expansion but a testament to the company's dedication to advancing India's glass manufacturing capabilities. By combining enhanced float glass capacity with entry into solar glass production, Gold Plus is well-equipped to support the evolving needs of industries ranging from real estate to renewable energy.
"The commissioning of our Karnataka facility marks a significant milestone in Gold Plus' journey. It reflects our unwavering commitment to innovation, sustainability, and customer-centric growth," said Jimmy Tyagi, CEO, Gold Plus Glass Industry Limited. "We are proud to play a pivotal role in meeting India's growing demand for high-quality float and solar glass, contributing to the country's economic and environmental aspirations."
With this milestone, Gold Plus continues to contribute in reshaping India's glass manufacturing landscape, delivering excellence and fostering sustainable growth.
Gold Plus Glass Industry Limited is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed the DRHP dated February 9, 2024 with SEBI. The DRHP is available on the website of SEBI at www.sebi.gov.in, the websites of the Stock Exchanges i.e., BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, and the websites of the BRLMs, i.e., IIFL Securities Limited, Axis Capital Limited, Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited at www.iiflcap.com, www.axiscapital.co.in, https://investmentbank.kotak.com and www.sbicaps.com, respectively. Potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see the section entitled "Risk Factors" of the RHP, once filed. Potential investors should not rely on the DRHP filed with SEBI for making any investment decision and must rely on their own examination of our Company and the Offer, including the risks involved.
This announcement does not constitute an invitation or offer of securities for sale in any jurisdiction. The Equity Shares offered in the Offer have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended ("U.S. Securities Act") and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold (a) within the United States solely to "qualified institutional buyers" (as defi ned in Rule 144A under the U.S. Securities Act) pursuant to Section 4(a) of the U.S. Securities Act, and (b) outside the United States in offshore transactions as defi ned in and in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made. There will be no public offering of securities in the United States.
This press release contains data and statistics from certain reports and the CRISIL Report, which is subject to the following disclaimer:
CRISIL Market Intelligence & Analytics (CRISIL MI&A), a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this report (Report) based on the Information obtained by CRISIL from sources which it considers reliable (Data). This Report is not a recommendation to invest / disinvest in any entity covered in the Report and no part of this Report should be construed as an expert advice or investment advice or any form of investment banking within the meaning of any law or regulation. Without limiting the generality of the foregoing, nothing in the Report is to be construed as CRISIL providing or intending to provide any services in jurisdictions where CRISIL does not have the necessary permission and/or registration to carry out its business activities in this regard. Gold Plus Glass Industry Limited will be responsible for ensuring compliances and consequences of non-compliances for use of the Report or part thereof outside India. CRISIL MI&A operates independently of, and does not have access to information obtained by CRISIL Ratings Limited, which may, in their regular operations, obtain information of a confidential nature. The views expressed in this Report are that of CRISIL MI&Aand not of CRISIL Ratings Limited. No part of this Report may be published/reproduced in any form without CRISIL's prior written approval.
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