Sri Lankan glass manufacturer Piramal Glass Ceylon is aiming for a bigger share of the growing market for bottles in India with its speciality coloured glass making ability, officials said. In 2008, the company shipped 70% of its export volumes to India where it plans to strengthen its position as supplier of high value-added speciality bottles for boutique wines & coloured liquor bottles, Chairman Vijay Shah said. It exports glass bottles to India duty free under a free trade pact between the two countries, although it does pay other domestic Indian levies. The company made a 261M Rupee loss in the year to March/09, compared with a profit of 35M Rupees a year before. In 2008, Piramal Glass Ceylon was hit by high interest on borrowings for a new factory which doubled capacity to 250/tpd & can make speciality coloured glass. High energy & raw material costs & lower Sri Lankan demand also affected the bottom line.
