Groot Glass is planning to build two glass factories
Groot Glass has secured a loan of USD 525 million to build two glass factories in Tses village, Namibia.
Groot Glass is planning to build two glass factories worth USD 750 million in Tses village, Namibia.
The manufacturer has secured a loan of USD 525 million to build two glass factories. It is 70% of the total USD 750 million needed for the construction, infrastructure and raw materials sourced from around South Africa, including Namibia and Botswana.
Simon Kapenda, Founder of Groot Glass, said: “We have assembled the world’s best technology and engineering companies from Germany, Italy, Ukraine and the US, such as Heye International, MSK, Sorg, Horn, Zippe, Grenzebach, Siemens, Techmash, Specstrojmontazh-Ukraina, and others for the supplying of equipment, technology, engineering and construction of the Groot Glass Manufacturing Factories in Tses.
“We have also assembled the world’s best team of professionals mostly from India, Germany, South Africa and Italy with more than 600 years of combined experience in glass manufacturing, technology and engineering, who are tasked for the smooth production and operations of Groot Glass.
“Our aim at Groot Glass is to produce and market the world’s quality glass products for the local and regional markets.”
A European banking institution will loan the manufacturer USD 525 million. The remaining USD 225 million (30%) will need to be financed by equity funding, of which the manufacturer is currently in discussion with private investors. The total funding of USD 750 million will give Groot Glass a value of about USD 20 million.
Eikana Nangolo, President and COO of Groot Systems, said: “We are just happy to help make an economic contribution to our country and create thousands of better paying jobs for our fellow country citizens, throughout Namibia.”
Groot Glass will initially focus on manufacturing glass for the construction industry and commissioning two different glass factories, Groot Container Glass and Groot Float Glass.
The construction of the two factories in Tses is expected as soon as the manufacturer has secured the required 30% of equity funding. More than 650 construction workers are needed during the construction, which will last for about 24 months for the Groot Container Glass factory and 36 months for the Groot Float Glass factory.