February 12, 2019

Gold Plus Industries Pvt Ltd to invest in Andhra Pradesh, signs Mou with APEDB

Gold Plus Industries Pvt Ltd to invest in Andhra Pradesh, signs Mou with APEDB - Mr. J. Krishna Kishore, CEO, APEDB

1. Two float Glass Lines with capacity of 730000 Tons per annum.

2. Total Investment of approximately INR 2200 Crores in next 3-4 years. Direct Jobs 1500, Indirect Jobs 12000.

Gold Plus Industries Pvt Ltd today signed an Memorandum of Understanding (MoU) with the Andhra Pradesh Economic Development Board (APEDB). This Memorandum of Understanding was signed by J Krishna Kishore, Chief Executive Officer, Andhra Pradesh Economic Development Board (APEDB) and Jimmy Tyagi, Executive Dircetor, Gold Plus Industries Pvt Ltd in the presence of the Executive Vice Chairman of APEDB Mr. S.P. Tucker, IAS (Retd.)

With this MoU, Gold Plus Industries Pvt Ltd intends to put up two float glass manufacturing lines in Visakhapatnam, Andhra Pradesh, with an investment of approx INR 2200 crores having installed production capacity of 730000 metric tonnes a year. This unit will also provide direct employment to over 1500 people and indirect employment to over 12000 people.

Gold Plus Glass Industry Limited is the only fully Indian and one of the fastest growing float glass manufacturing companies in India. Apart from Two Float glass plant in Roorkee, (Uttarakhand) Gold Plus is also into value added glass manufacturing with factories in Sonepat (Haryana) & Kala amb (Himachal Pradesh). The current installed capacity of float glass plant in Roorkee is 427000 metric tonne.

The project is being facilitated by the Andhra Pradesh Economic Development Board (APEDB).

This plant would not only decrease the lead time for supply of glass, but will also be more cost effective and thus will contribute for the growth of the State. Apart from this Gold Plus will also be able to provide direct employment to over 1500 people and indirectly to over 12000 people from the region.

Float glass production is highly capital extensive and technically challenging continuous manufacturing process. There are only 5 float glass manufacturers in India having 11 float glass lines running at present.

Speaking on the occassion, J. Krishna Kishore, CEO, APEDB said " Andhra Pradesh is attracting several investments in the Building and Construction Materials sector due to the huge thrust on the creation of the new capital city -Amaravati and 14 Smart Cities, 3 Mega Cities, airports, ports and industrial corridors. We have already attracted investments from globally renowned players such as SaintGobain, USG Boral, Lixil, to name a few. Gold Plus manufacturing facility will be a great asset to the State of Andhra Pradesh."

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