Saint-Gobain India is currently investing around Rs 1,800 crore, having fast-tracked some of its investments as confidence levels are improving with the better business climate.
Speaking to media in Chennai, B Santhanam, president and MD – Flat Glass South Asia, Egypt and Malaysia Saint-Gobain India (P) Ltd has said, “There are three major investments – the coater (Magnetron Coater line), float lines and we are investing in our gypsum ceilings business in Gujarat. This combined is around Rs 1,800 crore, and will be completed next year.”
Mr Santhanam was speaking at the sidelines of a media interaction on the First Convocation of Saint-Gobain – NTTF flagship Skill & Talent Development initiative Learn While Earn (LWE).
He said that there has been an improvement in business confidence in the last six months across the industry. He added that the company is fast forwarding many of the of investment plans announced earlier.
“For instance, investment in our ceilings business in Baruch is on a fast track. The investment we are making in Chennai for the second Magnetron, will be ready in March end. The Float line we are hoping to come up by end of next year or early first quarter of 2018. Earlier we weren’t as confident about these deadlines,” he added.
The company is also targeting export opportunities in ASEAN countries. While it has been exporting to Middle East, the growth in demand in these markets is slowing down even as there are opportunities in the ASEAN countries. He said that the company believes in keeping its exports at 15-20 per cent, while the the rest of the production would be for the domestic market.
The company has taken on board 53 students out of the 54 who were part of the LWE initiative, while one went on to become an entrepreneur. By 2020, the company’s aim is to take all new Diploma Engineer recruitments through the LWE program.
LWE is a joint project of Saint-Gobain and NTTF.