Glassmaker To Pay Debt, Raise Output With Sale Proceeds

Indian flat glass manufacturer Triveni Glass, plans to pay off debt and expand capacity of building products with funds it expects to raise from selling assets. "We are in talks with local distributors who would like to enter manufacturing," said the company's Finance Director, A K Dhawan. "The sale is to clear all our liabilities. If there's money remaining, we will invest it in our Andhra Pradesh plant," he said, confirming that the company's debt amounts to around US$32M. It is generally believed that India's expanding economy, which has grown at an average of 8.5%/pa for the past 5 years, is stoking demand for building materials. Triveni plans to increase its output by 25% at its facility in Andhra Pradesh, Mr Dhwan said.