Turkish glassmaker Şişecam has Indian autos in its sights
“We plan to rapidly increase our capabilities regarding product variation, opening new (glass) furnaces ... We will be more efficient by expanding our product range,” Ahmet Kırman told Reuters in an interview in Istanbul on July 2.
“A new factory for automobile glass production is necessary. We will be making an assessment on that as well,” Kırman said.
He declined to provide an amount for the planned investments.
India is making more cars than ever as its economy develops and domestic passenger vehicle sales rose by 20 percent in May from the year-ago period, data from the Society of Indian Automobile Manufacturers shows.
Its Trakya Cam subsidiary produces float glass, which and mirrors at a 600 ton per day capacity plant in India and last month it bought 49.8 percent of India’s HNG Float Glass, where it was a 50 percent shareholder, for $85.4 million.
Kırman said the company was also looking at opportunities in Mexico but U.S. President Donald Trump’s recent protectionist measures had clouded the outlook.
“We have very interesting offers (in Mexico)...But we will see where we could grow smartly and take action accordingly,” he said.
In March, Trump decided to impose import duties on steel and aluminum, drawing criticism from other countries for heightening the risk of a global trade war. The U.S. tariffs have been imposed on Europe, Canada and Mexico since June 1, after their temporary exemptions expired.
Kırman said Şişecam was also looking to invest in start-ups in Turkey and abroad to diversify from its core business.