Citigroup will provide $65 million loan to Asahi India Glass for building its second float glass plant in Uttaranchal at a cost of $140 million.Japan's Nippon Export and Investment Insurance will partially cover the risks of the deal - the first ever for an Indian company."It provides significant financial flexibility to Asahi India by adding a new dimesion to their debt financing alternatives," Sanjay Nayar, country manager of Citigroup, said after signing the deal with Asahi for the 10-year loan.Citigroup is providing the funds through its Japanese arm Citilease."The deal provides us very attractive, long tenure funding. This significant investment will help us consolidate our position as India's largest integrated glass company," Sanjay Labroo, CEO of Asahi India, said.Asahi, a joint venture between Maruti Udyog, Asahi Glass of Japan and the Labroo family, is the country's largest manufacturer of automotive safety glass.Asahi India will invest $140 million (Rs 600 crore) to build its second plant in Roorkee, Uttaranchal. The investment will boost daily production from 500 tonne to 700 tonne.
