Vnesheconombank has provided financing for the second phase of Saratov Glass Institute’s project to modernise the production of high-quality glass.
The modernisation project will increase the production facility’s capacity from 150 tonnes per day to 350 tonnes and will enable the company to expand its product range. The company’s annual output after the modernisation is expected to be 10.2 million square metres of sheet glass. Vnesheconombank will invest about 1 billion roubles in the project.
In this phase, the company began to rehabilitate its main production shop and utility systems.
“The project to modernise the production of several kinds of glass in Saratov will enable the Russian market to be less dependent on imports. The Bank’s financial assistance will help the company not only achieve a more than twofold increase in its output but also launch the production of new types of glass,” Vnesheconombank’s First Deputy Chairman and Member of the Board Dmitry Kurdyukov said.
The company will make special glass with high light transmission and strength characteristics. The glass is used in the aviation, transport, construction, industrial processing and furniture production industries. The project will be completed in 2023. The project is expected to create 55 new jobs.