SINGAPORE / MUMBAI, INDIA -
Media OutReach Newswire - 11 November 2024 - Vedanta Limited is planning to invest close to $500 million in its group company, AvanStrate Inc. (ASI), a leading global display glass manufacturer that is now fully managed by Vedanta Limited. This strategic investment aims to drive innovation and expansion within ASI, strengthening its focus on R&D, as well as manufacturing capabilities and product offerings to cater to the growing global demand for advanced display glass solutions. With extensive operations and R&D capabilities across Taiwan, South Korea and Japan, ASI aims 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. Additionally, ASI is exploring collaborative partnerships to accelerate its mission of developing technological advancement and enhanced market offerings.
Akarsh Hebbar, Global Managing Director of 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. ASI will soon take its place as one of the leading players in the advanced glass technology and product innovation space, globally." Vedanta secured a 98% stake in ASI earlier this year. This move is in line with Vedanta's commitment to expanding its high-tech offerings, incorporating AvanStrate Inc. alongside Vedanta's portfolio of businesses across the critical and future minerals, energy, and technology space. Vedanta Group will continuously explore innovation opportunities across automation, ESG, and sustainable energy to enhance the group's technological capabilities and support the demands of a dynamic global market.
Charlie Lee, CEO, AvanStrate Inc., added,
"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. As ASI advances into new market segments, meeting the demand for high-performance materials, we are set to enhance our leadership in the display glass sector and beyond, with a clear focus on sustainability and long-term growth.The recently launched new Super Green SaiSei high recycle rate display glass product is a perfect example. The product is a breakthrough in the industry that leads the market with no competition yet to match its high-tech quality." The global market for specialty glass applications is estimated to be $42 billion and is projected to reach ~$60 billion by 2030. AvanStrate, with its advanced manufacturing capabilities and strategic partnerships, is well-positioned to meet these demands and contribute significantly to the global supply chain. Hashtag: #Vedanta #Avanstrate #Display
The issuer is solely responsible for the content of this announcement.
Vedanta Limited
Vedanta Limited ("Vedanta"), a subsidiary of Vedanta Resources Limited, is one of the world's leading natural resources companies spanning across India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan and Japan with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, Nickel, Aluminium, Power & Glass Substrate and foraying into semiconductors and display glass. For two decades, Vedanta has been contributing significantly to nation building. Governance and sustainable development are at the core of Vedanta's strategy, with a strong focus on health, safety, and environment. Vedanta has put in place a comprehensive framework to be the ESG leader in the natural resources sector, is committed to reducing carbon emissions to net zero by 2050 or sooner and aims to spend $5 billion over the next 10 years to accelerate this transition. Giving back is in the DNA of Vedanta, which is focused on enhancing the lives of local communities. Anil Agarwal Foundation, the umbrella entity for Vedanta's social initiatives, has pledged Rs 5000 crore over the next five years on various social impact programs and its flagship project, Nand Ghar is setting up model Anganwadis across India. Vedanta Ltd. has been listed in Dow Jones Sustainability World Index 2022, conferred Golden Peacock Award for excellence in Corporate Governance 2022 and certified as a Great Place to Work 2023. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange. For more information, please visit www.vedantalimited.com
