Financial Daily from THE HINDU group of publications
Saturday, Jun 15, 2002
Financial Daily from THE HINDU group of publications Saturday, Jun 15, 2002 |
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Corporate
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Alliances & Joint Ventures Mahaveer Mirror, Singapore co tie up for production unit Our Bureau
BANGALORE, June 14 CHENNAI-BASED Mahaveer Mirror Industries Pvt Ltd (MMI) has entered into a joint venture with AGP Pte Ltd, Singapore, architectural glass products manufacturer, for setting up a manufacturing facility for glass fabrication in Tamil Nadu. The plant is being set up at Irungattukottai near Chennai with an investment of Rs 15 crore. MMI will use technology provided by DuPont based on its new process called `butacite'. Talking to Business Line, Mr Ashok B. Jain, promoter of MMI, declined to specify the quantum of AGP's equity. He however, said that MMI would hold the majority stake in the new venture. MMI has been a leading supplier of laminated glass to major customers, who included Infosys Technologies and the International Technology Park, Bangalore. MMI has been marketing AGP's products in India for quite some time. The MMI-AGP venture will initially produce toughened glass which is extensively used in the automotive industry and solar panel holding photovoltaic batteries. It will start producing laminated glass in the second phase, which will be next year. Demand for laminated glass was still low, said Mr Jain. However, he added growing usage of the material in modern high-rise buildings indicated its great potential. The automotive industry is expected to provide further push with use of laminated glass being made mandatory. The Integral Coach Factory has also decided to try it for its coaches with an initial order of 4,000 sq.m., he added.
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