Mumbai, Jan 12 (PTI) Hindustan National Float Glasstoday signed an MoU of Rs 750 crore with the GujaratGovernment to set up a float glass unit in Halol.
This is a second MoU the company, a subsidiary oflisted entity Hindustan National Glass (HNG), has signed withthe Gujarat Government. It had inked a Rs 600-crore deal in2007 at the Vibrant Gujarat Summit to set up a float glassunit in Halol.
"We have signed the Memorandum of Understanding withGujarat Government to set up another green field project offloat glass, used in processing, realty and auto componentssector. We will be investing 750 crore in the unit, includingland. The Government has provided us with infrastructure," HNGManaging Director Mukul Somany told PTI here.
The company is setting up a green field unit of 1000tonne per day line of float glass in Halol, where it alreadyhave a unit with 600 tonne per day capacity, Somany said.
He further said that plant will be commissioned bySeptember 2013 and would generate an additional revenue of Rs700 crore. The present unit earns about Rs 450 crore.
This would also give a boost to the overall revenuesof HNG, that owns a 45 per cent stake in Hindustan FloatGlass. For fiscal FY 10, HNG posted revenues of around Rs1,500 crore.
The upcoming unit would also help generate another1000-odd employment opportunity directly or indirectly in thearea. The first unit employs around 800 people in and aroundHalol.