March 1, 2022March 1, 2022

Kotak Fund to invest in Gold Plus

Posted By: Editor

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March 1, 2022, 4:12 pm

Mumbai, March 1 (UNI) Kotak Special Situations Fund (KSSF), managed by Kotak Investment Advisors Ltd (KIAL), on Tuesday announced an investment of up to Rs 450 crore in Gold Plus Glass Industry Ltd (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.

Under the transaction, of the total up to Rs 600 crore to be raised by Gold Plus, KSSF will invest up to Rs 450 crore. Premji Invest, an existing investor in Gold Plus, will invest up to an additional Rs 150 crore.

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 Rs 2,500 crore, a statement from the company 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… Our journey over the past decade has been about being the one stop solution for glass, investing in the future and capability enhancement.”

Eshwar Karra, CEO-Kotak Special Situations Fund, Kotak Investment Advisors Ltd, said: “Our investment in Gold Plus is in-line with the Make-in-India programme … and our philosophy of partnering with high-quality, growth-oriented businesses… 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 playing an active role in the company’s growth story.”

UNI AKM MR

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