Aria Holding, a leading global conglomerate based out of Qatar, and the Government of Maharashtra, entered a Memorandum of Understanding (MoU) at the World Economic Forum 2024 Annual Meeting in Davos, Switzerland, under which Aria Holding will invest over over INR 20 billion (USD 240 million) to establish a state-of-the-art float glass manufacturing facility in Maharashtra.
The agreement was signed by Suraj Thampi, Group CEO of Aria Holding, and Dr Harshdeep Kamble, Principal Secretary of the Industries Ministry, in the presence of the Chief Minister of Maharashtra, 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 Mr Shinde. “We are confident that this investment by Aria Holding will fortify the state’s manufacturing sector and create a spectrum of job opportunities, from skilled labour for manufacturing to professionals, and will bring tangible benefits to our state. We are committed to providing all necessary support for successfully establishing the float glass plant.”
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.