Economic headwinds delay TGL, LCI mega facility
MG News | January 25, 2024 at 09:49 AM GMT+05:00
January 25, 2024 (MLN): The float glass manufacturing facility project in partnership with Lucky Core Industries Limited (PSX: LCI) facility is currently facing delays in the first phase (500 metric tons) due to economic challenges, Tariq Glass Industries Limited (PSX: TGL) filing on PSX revealed today.
The facility was intended to be set up in two phases, each having a production capacity of 5000 metric tons per day.
Originally slated for commercial operations in FY 2024-2025, the delays result from uncertain economic conditions.
Despite challenges, both partners are committed to project completion.
"We are actively exploring strategies to expedite execution and mitigate economic impacts," the notification reads.
TGL is principally engaged in the manufacturing and sale of glass containers, opal glass, tableware and float glass.
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