HYDERABAD: With an aim to generate around 600 of direct employment and around 4,000 of indirect employment for its new plant in Telangana, container glass manufacturing company AGI Glaspac on Monday inaugurated the work on its new plant.
The company last week raised an investment of Rs 220 crores to manufacture special glass for premium segments, such as cosmetics, perfumery, personal care, carbonated water, and high-end spirits. The first phase of investment of Rs crores will go towards four levels of expenses – civil construction of the plant, machinery and a new furnace, utilities, and finally new team for the development of the newly launched ‘AGI Speciality-Glas Division.’
The company will engage more than 4,600 people, including direct and indirect employees. The total strength of the team is 14,700, and it will be 19,300 by the end of 2022. The company foresees topline growth in its revenue by not less than 15-18 per cent by 2022-23.
For the printing design and decoration of the speciality glass, AGI Glaspac will evaluate engaging with Indian start-ups that can meet the international standards of printing and decoration.
Minister for IT and Industries KT Rama Rao earlier, tweeted, “Happy to welcome new investments from the HSIL Group into its glass business AGI Glaspac, along with plastic pipes business. Many thanks to a good friend and Managing Director of HSIL Limited Sandeep Somany for his continued support towards the Telangana state.”
Rajesh Khosla, President & CEO of AGI Glaspac, said, “The pandemic has resulted in geopolitical disengagement with certain countries. It will leave the glass industry with a huge void and a shortfall of suppliers or importers in the future. We believe that it is a huge opportunity for Indian manufacturers and start-ups for various industries to increase exports and reduce imports.
It is a golden opportunity to raise the bar in the international markets for the ‘Made-in-India’ products. AGI Glaspac’s entry in the new segment of manufacturing speciality glass is a strategic decision. It will allow us to cater to the much-expected rise in the global demand after the pandemic subsides.”
Earlier this year, the company had announced a geographical expansion with an estimated investment of Rs 700 crores in the eastern part of India. However, due to the pandemic, the company envisaged investment opportunities to expand its existing plant at Bhongir, Telangana.