Mara Group and JS Group Form Joint Venture With Ghani Group, Along With the Egi Community, to Develop Float Glass Manufacturing in Nigeria

PORT HARCOURT, Nigeria, May 31, 2013 /PRNewswire/ --

With a target production of 500 tonnes per day, the new plant will significantly contribute to remedying the shortage of domestically produced float glass

Egi MJG Float Glass, a joint venture between the Egi Community (via the Egi People's Assembly), Mara Group, JS Group and Ghani Group, announces the groundbreaking for their first float glass manufacturing plant in Nigeria. Given the growing demand throughout the continent, this plant could represent the first of several facilities built and operated by the joint venture, ultimately laying the foundation for a West African glass manufacturing sector.

     (Logo: http://photos.prnewswire.com/prnh/20130531/618246-a )
     (Logo: http://photos.prnewswire.com/prnh/20130531/618246-b )
     (Photo: http://photos.prnewswire.com/prnh/20130531/618246-c )

Egi MJG Float Glass brings together international groups with complementary sector and local expertise. Mara Group is a multi-sector conglomerate with operations in 19 African countries, founded by Ashish J. Thakkar. JS Group is an industrial conglomerate with investments primarily in developing economies throughout Asia, the Middle East and Africa. Ghani Group is a leading glass manufacturer with plants in the UAE and Pakistan, and a total production capacity of over 300,000 tonnes.

Today, Nigeria lacks domestic float glass manufacturing and is highly dependent on imports from Europe, South America and China. Simultaneously, domestic demand is increasing as a result of the country's booming housing industry, and currently estimated at 360,000 tonnes per year.

The production facility in Rivers State aims to produce 500 tonnes of float glass per day for a variety of applications spanning from architectural solutions to the automotive industry. Key inputs and raw materials are abundantly available in the area, notably in terms of land, natural gas and silica sand. The total investment for the project will amount to $110 million during the first phase, and an additional $100 million during the second expansion phase.

During the groundbreaking ceremony, Prashant Manek, Director at Mara Group, declared: "This project is a first step in making Nigeria self-sufficient in terms of glass manufacturing. As a result of the strategic location and the locally available raw materials, we are highly confident that we will be able to build a world-class, cost-competitive facility."

Ali Siddiqui, CEO of JS Group, stated: "Since the year 2000, the global float glass industry has experienced strong growth. In particular, the industry has significant potential in West Africa and this project is a strategic investment in the building materials sector in Nigeria."

Peter Scully, CEO of MJG EGI Float Glass, added: "This new plant is not only a strategic business opportunity; it will also have a positive impact on the community in terms of employment and the redeployment of profits."

The land allocated for the Rivers State glass manufacturing plant belongs to the local Egi Community. The Community is strongly supportive of the project, given the expected benefits to the area, and is also a meaningful shareholder in the plant.

Chief Oris U. Onyiri, President-General of the Egi People's Assembly, concluded: "We are extremely excited about the development of this plant, the employment it will create and the transformation it will bring to our community. It gives us great pleasure and comfort to be partnering with such global reputable companies."

Contact:
Sabina Lindstedt
Communications Director, Mara Group
+971-567-798-974
[email protected]

SOURCE Mara Group and JS Group