Kotak Special Situations Fund (KSSF), managed by Kotak Investment Advisors, on Tuesday announced an investment of up to Rs 450 crore in Gold Plus Glass Industry Ltd. Gold Plus is a leading float glass manufacturer, with two manufacturing lines in North India, and offers a full bouquet of product offerings of clear glass and value-added glass.
Under the transaction, out of the total amount of up to Rs 600 crore to be raised by Gold Plus, KSSF will invest up to Rs 450 crore while Premji Invest, an existing investor in Gold Plus, will invest up to an additional Rs 150 crore, according to a statement.
The funds raised by Gold Plus will be used to invest in the company’s expansion plan of setting up two new float glass manufacturing lines and one solar glass line in South India for a project of up to Rs 2,500 crore.
“Gold Plus is poised for its next phase of growth by participating and contributing to the ‘Make-in-India’ vision of the Government of India. I am pleased to welcome KSSF on board, along with Premji Invest who have shown confidence in our company by investing in the second round of funding,” Subhash Tyagi, Chairman of Gold Plus, said.
Eshwar Karra, CEO of KSSF at Kotak Investment Advisors, said the Indian float glass industry is undergoing a structural shift with growing usage in architectural, automotive and industrial sectors, along with the government’s increasing support for domestic manufacturers.
“We are excited to commit further capital to our existing partnership with Gold Plus for one of the largest expansions planned in the glass Industry. The expansion will help reduce the import dependency in line with government’s Aatmanirbhar initiative,” Rajesh Ramaiah, Partner at Premji Invest, said.
“With the support of the Karnataka government through incentives and fast track approvals, large employment generation in a developing industrial belt of Belgaum is enabled. The plant for solar glass will give further impetus to the initiatives being taken by the government in the solar industry,” he added.
KSSF, an Alternative Investment Fund under Sebi rules managed by Kotak Investment Advisors, currently manages a USD 1 billion-fund.
Source: https://bit.ly/3KbSmgi
