Gandhinagar: Consumer durables major Videocon Group is planning to set up a 60,000-tonne per annum fibreglass plant in Gujarat at an investment of Rs 2,000 crores.
"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," Videocon Group co-promoter Rajkumar Dhoot said at the Vibrant Gujarat Summit here.
"The capacity of the plant will be 60,000 tonnes annually. We are going to invest Rs 2,000 crore for the project which will come up in Bharuch, where we already have a plant. Our group already owns 600 acres of land there. Out of which, we will use 400 acres for the plant," he added.
Group company Videocon Industries has a plant in Bharuch for manufacturing coloured glass in an area of 200 acres.
"We want to take advantage of the boom in the 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 added.
The group expects to wrap up all the formalities and procedures in a month.
Talking about the telecom operations business, Dhoot said the company is willing to divest 49 percent of stake in another group company Videocon Telecom or even hand over management control to interested parties.
"If we are given good offer, we can give away 49 percent stake in our mobile operating business. We are also ready to give them management control. We are also keen to participate in upcoming spectrum auction for 4G LTE," Dhoot said.
