New Delhi-headquartered Gold Plus Glass Industry (Gold Plus), India’s second-largest float glass manufacturer, is foraying into solar glass manufacturing.
Speaking to pv magazine, Vivek Dubey, whole-time director, said Gold Plus Glass Industry would set up a solar glass factory in South India. The plant will have a capacity of 300 tonnes per day (tpd), and will be operational by September 2023.
Gold Plus Glass Industry is already in discussion with government authorities of at least two Southern states for land allotment and capital/revenue subsidies. The company is likely to finalize the state and the land parcel in the next 3-4 weeks.
The plant shall produce extra clear, textured glass with an anti-reflective coating. Thickness will range from 2 mm to 6 mm (including 3.2mm).
“The plant will be able to provide the complete range of glass required for solar PV modules, including 2 mm tempered solar glass,” Dubey told pv magazine.
At present, Dubey said, the idea is to meet domestic demand, but [the company] will also be ready to explore some export opportunities.
Currently, Borosil Renewables is the only solar glass manufacturer in the country. It has a factory at Bharuch in Gujarat, meeting about 40% of India’s solar glass requirement. Imports meet the balance of demand.
With an expansive solar energy target laid out by the Government, Gold Plus’ move to enter solar glass manufacturing should be welcomed by PV panel manufacturers, which are also in the process of expanding their own capacities.
Solar energy is on Government’s top agenda, and recently the cabinet approved production-linked incentives for PV penal manufacturing to promote domestic manufacturing of panels.
Gold Plus is looking to fund the expansion through a mix of internal accruals, equity raise, and debt. KPMG has been appointed to assist the Company in the fund raise. The company is already backed by Azim Premji’s Investment arm, Premji Invest, which invested INR 400 crore in 2018.
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