Company to invest over US$ 240.56mn (INR 20bn) in advanced float glass plant in the Western Indian State
Aria Holding, a leading global conglomerate based out of Qatar, and the Government of Maharashtra, India, recently entered a Memorandum of Understanding (MoU) at the recently concluded World Economic Forum 2024 Annual Meeting in Davos, Switzerland, under which Aria Holding will invest over INR 20bn to establish a state-of-the-art float glass manufacturing facility in Maharashtra, according to a press communique.
The agreement was signed by Suraj Thampi, Group Chief Executive Officer, Aria Holding, and Dr. Harshdeep Kamble, Principal Secretary of the Industries Ministry, in the presence of the Chief Minister of Maharashtra, HE Eknath Shinde; the Minister of Industries, Uday Samant, and John Douglas, Commercial Director, Alutec Facades.
“The Government of Maharashtra welcomes this investment by Aria Holding, and this MoU marks a significant milestone in our efforts to promote the local economy and attract new investors to the state,” stated the Chief Minister of Maharashtra.
‘Make in India’ initiative
The MoU aligns with the ‘Make in India’ initiative launched by Prime Minister Narendra Modi in 2014, repositioning India as a critical market to do business in, attracting unprecedented 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. Aria Holding’s investment will boost the domestic supply of float glass and is intertwined with India’s development strategy, supporting infrastructure expansion, automotive growth, energy efficiency, employment generation, and technological advancements, the press note continued.
Compelling destination
“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,” asserted Sheikh Ali Bin Hamad Al Thani, Chairman, Aria Holding.
The strategic partnership demonstrates the Government of Maharashtra’s dedication to fostering development in the state and providing a conducive environment for businesses to thrive and contribute to its progress.
“Aria Holding is excited to be a part of India’s growth story through this strategic investment. Through our portfolio companies, we also plan to establish a robust export strategy for our products, ” stated Thampi.
