With an aim to address growing wind energy sector in India, Videocon is planning to open a 60000 tons per annum fiberglass plant at Bharuch.
The group has set aside approximately Rs 2000 crore for this purpose, according to official statement.
The fiberglass is an important raw material in the production of wind turbine blades. Usage of fiberglass blades reduce the time of manufacturing considerably, lowering the production costs.
Videocon already runs a colored glass manufacturing factory in Bharuch and the new plant will come up in the same land.
Within a month, the Group expects to close needed formalities and procedures.
The Group is also trying to take advantage of another plan introduced by India government recently to launch LPG cylinders made of fiber glass material.
4 days ago, Videocon announced their plan to invest over Rs 340 crore in a year to expand internet services in 6-7 circles across various states in India.
Videocon is a diversified Indian company headquartered in Mumbai with 17 manufacturing sites in India and plants in Mainland China, Poland, Italy and Mexico.