French float glass major Saint-Gobain has planned to triple its turnover in India in the next 10 years by investing in Tamil Nadu, company officials said on Monday.
"We will invest Rs 720 crore in units in Tamil Nadu as per the Memorandum of Understanding (MoU) signed with the state government," B. Santhanam, Managing Director, Saint-Gobain India told the media at the company's plant near here.
He said the amount will go into the company's plants in the state and also in a research centre.
According to Santhanam, Saint-Gobain had already invested over Rs 3,400 crore and with the latest investment, the total will go up to Rs 4,120 crore.
Queried about investment plans in Andhra Pradesh, Saint-Gobain India's Chairman Anand Y. Mahajan said the group was exploring proposals to set up a gypsum plastered board plant in the state but an official decision is yet to be taken.
According to Mahajan, discussions were on with the Andhra Pradesh government.
According to Pierre-Andre de Chalendar, Chairman and Chief Executive Officer, Saint Gobain group, the company has had a good journey in India for the past 20 years.
He said despite India's growth, the glass penetration was low as compared to other countries.
At an investment of over Rs 1,200 crore, Saint-Gobain India has expanded its float glass capacity by adding a third plant; set up an advanced magnetron coater and glass solutions line and; has built a 72 million-litre rain water harvesting reservoir.
Santhanam said the new glass line will be 15 per cent energy efficient.
The waste heat recovered from the plant's furnaces is used to generate 1.2 MW of power.
He also said the company's roof top solar power project will go on stream soon.
--IANS
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