Kolkata, Nov 30 (IANS) The city-based Rs.1,500-crore glass manufacturer HNG group has forayed into the float glass segment by setting up its first float furnace at Halol in Gujarat, a company statement Monday said.

'The HNG group is on a high growth path through strategic diversifications. Our foray into the float glass segment is to further expand our horizons in the glass industry,' said HNG joint managing director Mukul Somany.

'The first set of production is expected to be ready by the end of December 2009,' Somany added.

Starting with a daily production of 600 tonnes, HNG aims to capture up to 25 percent share of the float glass market in the next two years.

The company also has provision for a second float line at the plant, which will produce an additional 850 tonnes a day, the statement said.

HNG has a 60 percent market share in the container glass business, it claimed.

'There is a huge market for float glass in the country resulting from the growing realty and auto sectors,' Somany said.

'Also, the extremely low per capita consumption of only 0.7 kg in India as compared to average of 8-10 kg in other developing economies is a tremendous potential for growth of this industry.'

HNG Float has tied up with Toledo Engineering of the US for designing, engineering, installation and commissioning of the Halol plant.