International Finance Corporation today said it will invest 12 million dollars as equity in fibre glass maker Owens Corning (India) to help it expand its manufacturing facility in Maharashtra.
The expansion of glass melter and related downstream equipment capacity by Owens Corning will result in significant energy and efficiency improvements, IFC said in a release.
With Owens Corning's expansion of capacity at Taloja facility, India's installed glass-fibre capacity will increase to 67,000 tons a year by the end of 2007.
The demand for glass-fibre in India is expected to increase by 18 per cent a year over the medium term, driven by growing infrastructure and automotive sectors, IFC said.
IFC's investment will help the company continue to improve efficiency and competitiveness, Owens Corning Managing Director Satish Kulkarni said.
Owens Corning is a joint venture between US-based Owens Corning and India's Mahindra and Mahindra. (ET)