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Kotak Special Situations Fund (KSSF), managed by Kotak Investment Advisors Limited (KIAL), will make an investment of up to ₹450 crore in Gold Plus Glass Industry Limited (Gold Plus).
Gold Plus is India’s second largest float glass manufacturer with two manufacturing lines in North India, and offers a full bouquet of product offerings of Clear Glass and Value-Added Glass.
Of the ₹600 crore to be raised by Gold Plus, KSSF will invest up to ₹450 crore, while Premji Invest, an existing investor in Gold Plus, will invest up to an additional ₹150 crore.
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‘The current capacity of the data centre industry in India is expanding at an unprecedented pace’The funds raised by Gold Plus will be used to invest in the company’s expansion plan of setting up two new float glass manufacturing lines and one solar glass line in South India for a project of up to ₹2,500 crore.
Push to ‘Make in India’ initiative
Eshwar Karra, CEO-Kotak Special Situations Fund, said, “Our investment in Gold Plus is in line with the Make-in-India programme of the Government and our philosophy of partnering with high-quality, growth-oriented businesses”.
He said that the Indian float glass industry is undergoing a structural shift with growing usage in architectural, automotive and industrial sectors, along with the Government’s increasing support for domestic manufacturers.
“We believe Gold Plus, the only Indian player in the sector, is ideally poised to capture this growth trend in the coming years and we look forward to play an active role in the company’s growth story”, Karra said.
Subhash Tyagi, Chairman, Gold Plus, said, “Gold Plus is poised for its next phase of growth by participating and contributing to the ‘Make-in-India’ vision of the Government of India. I am pleased to welcome KSSF on board, along with Premji Invest who have shown confidence in our company by investing in the second round of funding. Our journey over the past decade has been about being the one-stop solution for glass, investing in the future and capability enhancement. We will continue to create consistent value for our stakeholders and scale new levels of success.”
Rajesh Ramaiah, Partner, Premji Invest, said, “We are excited to commit further capital to our existing partnership with Gold Plus for one of the largest expansions planned in the glass Industry. The expansion will help reduce the import dependency in line with Government’s Atmanirbhar initiative”.
For the fundraise, KPMG acted as the exclusive financial advisors to Gold Plus, and Pioneer Legal as the legal advisors.
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