Asahi Glassplant Inc. (AGI Japan) has announced a strategic investment of up to ₹200 crore in Standard Glass Lining Technology and its affiliated companies, marking the initiation of a long-term business partnership. AGI Japan, along with GL HAKKO and its affiliates, will secure a minority stake in Standard Glass Lining Technology.

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Under the definitive agreements, AGI Japan will play a crucial role in facilitating Standard's entry into the Japanese market. The partnership will employ various approaches, including private label arrangements, co-branding initiatives, and the supply of components while adhering to the stringent quality standards that AGI and its valued customers expect, Asahi Glassplant said.

Yasuyuki Ikeda, CEO of AGI Japan, has been serving as a non-executive director of Standard Glass since March 2023, contributing to the global expansion of the Standard Group.

Nageswara Rao Kandula, the Managing Director of Standard Group, said this investment is a business opportunity as well as a commitment to foster a business partnership and deliver substantial returns to shareholders.

First Published:Nov 17, 2023 11:49 AM IST