Home / Business and Economy / HRS Aluglaze Invests ₹16 Cr in Ahmedabad Facility
HRS Aluglaze Invests ₹16 Cr in Ahmedabad Facility
22 Dec
Summary
- HRS Aluglaze plans a new ₹16 crore glass glazing plant in Ahmedabad.
- The facility aims to boost production capacity and operational efficiencies.
- Company shares saw a significant gain after a strong IPO debut.
HRS Aluglaze is investing approximately ₹16 crore to establish a new glass glazing manufacturing facility in Ahmedabad, Gujarat. This expansion aligns with the company's long-term growth strategy and is anticipated to be operational within 15 months. The facility will specialize in producing glass for building facades, aiming to increase production capacity and improve operational efficiency.
The company has partnered with Chavda Infra for the turnkey construction of the factory building. Managing Director Rupesh Shah stated that the new plant will enable HRS Aluglaze to undertake larger projects and enhance quality control. Funding for the project will come from internal accruals and project-linked financing, ensuring no significant adverse financial impact.
This development follows HRS Aluglaze's successful Initial Public Offering (IPO), which raised ₹53 crore. A portion of these proceeds was allocated to capital expenditure for setting up assembly and glass glazing lines. The company made a strong debut on the BSE SME, with shares trading significantly higher than their IPO price.
