A Qatari conglomerate has signed an agreement to construct a $240 million float glass manufacturing facility in India.
Aria Holding and the Government of Maharashtra in India signed an MoU for INR 2,000 crore (US$240 million) at the World Economic Forum 2024 at Davos, Switzerland.
Sheikh Ali Bin Hamad Al Thani, Chairman, Aria Holding, said: “India is a compelling destination for investment, and Maharashtra, with its location, workforce, infrastructure, and progressive policies, provides us with a great platform to establish our factories.”
Suraj Thampi, Group CEO of Aria Holding, said: “Our factories in Maharashtra will manufacture glass for local, national, and international demand.
“India is going through a massive boom in infrastructure development nationally, and we plan to capture a significant share of that growth.
"Through our portfolio companies, we also plan to establish a robust export strategy for our products.”
Mr. Eknath Shinde, Chief Minister of Maharashtra, said: “We are committed to providing all necessary support for successfully establishing the float glass plant.”
He added that the MoU aligns with the ‘Make in India’ initiative launched by Prime Minister Narendra Modi in 2014 to reposition India as a critical market to do business in, attracting growth in foreign investments.
Infrastructure development is core to India’s growth strategy, and float glass plays a pivotal role across sectors, including construction, automotive, and industries.
A significant amount of float glass requirements is still met through imports, and demand continues to increase.
The agreement was signed by Mr. Suraj Thampi, Group Chief Executive Officer of Aria Holding, and Dr. Harshdeep Kamble, Principal Secretary of the Industries Ministry, in the presence of the Chief Minister of Maharashtra, Mr. Eknath Shinde, the Minister of Industries, Mr. Uday Samant, and Mr. John Douglas, Commercial Director, Alutec Facades.
31.01.2024, Qatar Foundation
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