Indian glass manufacturer Piramal Glass has invested INR1.15bn ($23.36m) for the expansion of Jambusar plant in Gujarat. The company hopes to complete the expansion project next month.
According to Piramal the expansion will help the firm to focus on glass packaging materials mainly for cosmetic and perfumery (C&P) segment, PTI reported.
Piramal Glass said that its operations in Sri Lanka and the US are performing in accordance with the expectation of the firm.
For the third quarter ended 31 December 31, the firm’s consolidated net sales stood at INR3.40bn ($69.13m), up from INR3.10bn ($63.14m) during the corresponding period last fiscal.
During the quarter, Piramal’s C&P segment rose 7% to contribute 47% of the total sales.