Ghani Global Glass plans to set up a glass vials and ampoules manufacturing plant in Serbia.
The Pakistan-based glass tubing manufacturer has approved a memorandum of understanding with a Serbian-based company to set up the plant.
In a filing on the Pakistani Stock Exchange the initial cost of the project is $2-$2.5 million. However, as the ampoules and vials machines are added, the project cost may go up to $9 million.
It has been further decided that the company will utilise its own resources for investment in Serbia as strategic decision that will ‘potentially open the doors for the export of GGGL glass tubes in Europe,’ the notification added.
This move is also driven by the development of ampoule prices internationally, rising due to the pandemic impact.