Home Manufacturer fund The Kotak Special Situations Fund will invest up to Rs 450 cr in the Gold Plus glass industry

The Kotak Special Situations Fund will invest up to Rs 450 cr in the Gold Plus glass industry

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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 one of the leading float glass manufacturers, with two manufacturing lines in North India, and has a comprehensive bouquet of clear glass and value added glass product offerings.

As part of 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 Rs 150 crore additional rupees. , according to a press release.

Funds raised by Gold Plus will be used to invest in the company’s expansion plan to set up two new float glass manufacturing lines and a solar glass line in southern India for a project that could reach Rs 2,500 crore.

“Gold Plus is poised for its next phase of growth by participating and contributing to the Government of India’s ‘Make-in-India’ vision. I am happy to welcome KSSF on board, as well as Premji Invest who trusted our company by investing in the second round of financing,” said Subhash Tyagi, Chairman of Gold Plus.

Eshwar Karra, CEO of KSSF at Kotak Investment Advisors, said the Indian float glass industry is undergoing structural change with increasing use in the architectural, automotive and industrial sectors, as well as the growing government support for domestic manufacturers.

“We are delighted to commit additional capital to our existing partnership with Gold Plus for one of the largest expansions planned in the glass industry. The expansion will help reduce import dependency in line with the government’s Aatmanirbhar initiative,” said Rajesh Ramaiah, Partner at Premji Invest.

“With the support of the Karnataka government through incentives and fast-track approvals, significant job creation in a developing industrial belt of Belgaum is possible. The solar glass factory will give new impetus to the initiatives 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 $1 billion fund.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)