[India] Hng Fires Float Glass Furnace

Kolkata-based HNG Group, the parent company of Hindustan National Glass and Industries Ltd, has entered the float glass segment with the firing up of its first float furnace in Halol, Gujarat. Starting up with a production capacity of 600/tpd, group subsidiary HNG Float Glass Ltd aims to capture up to 25% of the market in the next two years. For further upscaling, the plant has provision for a second float line, which can support an additional 850/tpd. The plant was financed by its parent company, HNGIL International Finance Corp, a subsidiary of the World Bank and DEG, Germany, with a debt equity ratio of 60/40. HNG believe there is a huge expanding market for float glass in India resulting from the growing realty and auto sector.