Qatar-based conglomerate Aria Holding has signed a memorandum of understanding (MoU) with the Government of Maharashtra, the Indian state, to invest INR20bn ($240.5m) in a float glass plant.

The signing took place at the World Economic Forum 2024 Annual Meeting in Davos, Switzerland. The MoU was signed by Suraj Thampi, group CEO at Aria, in the presence of the Chief Minister of Maharashtra Eknath Shinde and Uday Samant, India’s minister of Industries.

According to Shinde, the agreement “marks a significant milestone” in bolstering the economy of Maharashtra. In 2022-23, the Gross State Domestic Product (GSDP) of the state was INR38.80tn ($466.56bn), or around 15% of India’s GDP.

According to the Maharashtra Industrial Development Corporation (MIDC) – the region’s infrastructure development agency – Maharashtra accounted for 30% of India’s FDI inflows between April 2000 and March 2023.

Several other companies, including South Korean car manufacturer Hyundai, have announced significant investments in the region as recently as January this year.

“We are confident that this investment by Aria Holding will fortify the state’s manufacturing sector and create a spectrum of job opportunities, from skilled labour for manufacturing to professionals, and will bring tangible benefits to our state,” Shinde said. “We are committed to providing all necessary support for successfully establishing the float plant.”

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Aria Holding is a Qatari multinational business operating across a wide range of sectors, including engineering, industrial, technology, business services and trading.

Speaking about the future float glass plant in India, the company’s chairman, Sheikh Ali Bin Hamad Al Thani, said: “It is rewarding to see our continued expansion and investment into new markets through this MoU. India is a compelling destination for investment, and Maharashtra, with its location, workforce, infrastructure, and progressive policies, provides us with a great platform to establish our factories.”