KARACHI: ICI Pakistan and Tariq Glass Industries have executed a joint venture agreement to set up a greenfield state-of-the-art float glass manufacturing facility having a production capacity of up to 1,000 tons/day. The facility will be setup in two phases, each phase having a production capacity of 500 tons/day.
ICI Pakistan will invest in the joint venture company (JVCO) by subscribing to 51% of its issued and paid up capital, while the rest will be subscribed by Tariq Glass Industries.
The implementation of the joint venture arrangement is subject to receipt of necessary corporate and regulatory approvals.
ICI Pakistan Limited is part of Yunus Brothers Group (YBG), one of the fastest-growing and most progressive Pakistani conglomerates with a wide portfolio of businesses including, but not limited to: cement, textiles, power generation and commodity trading.
ICI Pakistan supplies essential products to almost every industry in the country through five diverse businesses: Polyester, Soda Ash, Chemicals & Agri Sciences, Pharmaceuticals and Animal Health. The company also has a management stake in the infant milk formula business under the name of NutriCo Morinaga (Private) Limited.
For the past 30 years, Tariq Glass Industries Ltd. has been the premier glass tableware manufacturer in Pakistan. In addition to being the market leaders in Pakistan, Tariq Glass Industries Ltd’s brands Toyo Nasic, Omroc and Nova are exported across the world.
With a production capacity of almost 300 tons per day and using state of the art technology, Tariq Glass Industries Ltd. produces its tableware products on single and double gob press machines as well as H-28 (press & blow) and stretch machines.
Onsite mould workshop, all weather warehousing, international standard packaging, advanced laboratory and Tecno 5 decorating machines are just a few examples of the facilities that Tariq Glass Industries offers to its valued customers. www.tariqglass.com