Saint-Gobain to Invest Rs 3,400 Crore in Tamil Nadu
Saint-Gobain India to expand its automobile and electric vehicle presence in India
Pune: Saint-Gobain, the French construction and industrial materials major, on Friday said that it is investing Rs 3,400 crore in a series of greenfield and brownfield construction projects and manufacturing in Tamil Nadu.
This fresh investment is across the company's different businesses and takes its total investment in the state to over Rs 8,000 crore.
The company made the announcement after its board, including Saint-Gobain’s global board chairman Pierre-Andre de Chalendar and CEO Benoit Bazin, met with Tamil Nadu chief minister MK Stalin during its visit to India, it said in a statement.
“We are investing Rs 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.
The firm is also looking to make three to four bolt-on acquisitions through its subsidiary, Saint-Gobain India to expand its automobile and electric vehicle presence in India, on account of its large portfolio of solutions for EV.
EV sales in India hit a record high during FY23, registering a 155 per cent year-on-year increase to about 1.2 million, albeit 95 per cent of the vehicles sold were two- and three-wheelers.