Vedanta Limited has announced plans to invest close to $500 million in its group company, AvanStrate Inc. (ASI), which is a display glass manufacturer. Earlier this year, Vedanta acquired 98% stake in ASI.
“This investment is aimed at driving innovation and expansion within ASI, strengthening its focus on R&D, as well as manufacturing capabilities and product offerings to cater to global demand for advanced display glass solutions,” the company said in a statement.
“With operations and R&D capabilities in Taiwan, South Korea and Japan, ASI is planning to accelerate the development of next-generation glass products designed for advanced packaging and potential applications in the semiconductor, biotechnology, automotive displays, and other high-growth sectors,” Vedanta said.
“Additionally, ASI is exploring collaborative partnerships to accelerate its mission of developing technological advancement and enhanced market offerings,” it added.
Akarsh Hebbar, Global Managing Director, AvanStrate Inc., said, “This strategic investment from the Vedanta Group is reflective of our clear and definitive shift in focus toward significant growth-oriented projects.”
“We are confident that ASI’s cutting-edge R&D capabilities and world-class team of engineers are well placed to deliver a stream of future-ready solutions to our customers and partners propelling the company onto a path of positive industry disruption,” he added.
Charlie Lee, CEO, AvanStrate Inc., said, “The expertise and support from Vedanta places us in a strong position to expand our R&D, scale up production, and meet evolving market demands.”
“The global market for specialty glass applications is estimated to be $42 billion and is projected to reach $60 billion by 2030,” the company said.
Published – November 11, 2024 04:47 pm IST