Saint-Gobain To Invest Another ₹3,400 Crore In Tamil Nadu
Date
10/6/2023 2:02:30 PM
(MENAFN- Live Mint) "New Delhi: Saint-Gobain Global, the French glassmaker, announced on Friday it would invest ₹3,400 crore in its various business verticals in Tamil Nadu. The company made the announcement after its board met with Tamil Nadu chief Minister MK Stalin during its visit to India, it said in a statement.“We are investing ₹3,400 crore across different businesses: glasswool, gypsum plasterboard, plaster, acoustic ceiling, float glass, solar glass, adhesives, sealants, mortars and ceramics in our next phase of expansion in Tamil Nadu,” said B Santhanam, CEO, Asia Pacific and India region and chairman, Saint-Gobain India company has committed to a series of greenfield and brownfield investments in the state toward its manufacturing and construction projects. This will take its total investment in the state to upwards of ₹8,000 crore company's global board met the chief minister, senior ministers and other officials of the Tamil Nadu government to discuss investments for manufacturing and construction in the state. Saint-Gobain's global board was represented by chairman Pierre-Andre de Chalendar and CEO Benoit Bazin.“The hon'ble chief minister clearly outlined his vision to make Tamil Nadu a trillion-dollar economy and urged Saint-Gobain to continue to play an important part in fulfilling this vision,” the company said in a statement French glassmaker is also looking to make three to four bolt-on acquisitions through its subsidiary, Saint-Gobain India Pvt. Ltd to expand its automobile and electric vehicle presence in the country, Mint reported previously.“We are at this point looking at two or three bolt-on acquisitions. Most will be [to do with] building materials. We are [also] looking at anything connected with EV, because we have a large portfolio of solutions for EV,\" Santhanam said sales in India hit a record high during FY23, registering a 155% year-on-year increase to about 1.2 million, albeit 95% of the vehicles sold were two- and three-wheelers.
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