Videocon to invest Rs 2000 cr for fibreglass plant in Bharuch

Consumer durables major, Videocon Group is planning to set up a 60000 tonnes per annum fibreglass plant at Bharuch. The group is said to be investing around Rs 2000 crore for the project, Rajkumar Dhoot, Member of Parliament (Rajya Sabha) and co-promoter of Videocon Group said on Sunday.

Speaking to mediapersons on the sidelines of the Global CEO Conclave at Gandhinagar, Dhoot said that the fibreglass plant will look to tap the growing wind energy sector in the country. The fibreglass is used as an important raw material in manufacturing turbines, Dhoot said.

"The capacity of plant will be 60,000 tonne annually. We are going to invest Rs 2000 crore for the project, which will come up in Bharuch, where we already have a plant. Our group already own 600 acres of land there. Out of which, we will use 400 acres for the plant." said Dhoot.

Group company Videocon Industries is already manufacturing coloured glass in an area of 200 acres in Bharuch.

"We want to take advantage of boom in wind energy sector, as fibreglass is used extensively to manufacture wind towers. Apart from that, fibreglass will be needed to manufacture LPG gas cylinders, as government is planning to introduce cylinders made out of that material" he said.

The group expects to wrap up all the formalities and procedures in a month.