Owens Corning (India) Ltd is the largest fiberglass manufacturer in India. With IFC’s help, the company is expanding its manufacturing capacity and modernizing its factory to improve energy and production efficiencies. Over the last few years, demand for glass fiber in India has grown by 25 percent a year. Demand will continue to grow at a healthy 18 percent pace over the medium term, driven by the expanding infrastructure and automotive sectors. With Owen Corning’s expansion, India’s installed glass fiber capacity has topped 72,000 MT per year.
OCIL is a joint venture between Owens Corning (OC) of Toledo, Ohio, and Mahindra & Mahindra, (M&M), India. OC is the world’s largest manufacturer of fiberglass and M&M is the leading manufacturer of utility vehicles and tractors in India. OCIL is not only the largest glass fiber producer in India, it is one of OC's most efficient plants worldwide.
IFC role and development impact:
- $12 million in long-term financing in support of $39 million expansion and modernization project.
- A positive role in aligning company and shareholder interests
- Expanding access to low cost glass fiber, ultimately resulting in cost savings for consumers of products ranging from construction materials to automotive supply
