Hindusthan National Glass has found a buyer for its HNG Global plant in Germany.
The company has sold the plant for €23 million.
The subsidiary was sold to a large glass container manufacturing group in Europe, who wishes to remain anonymous for the mean time.
The expected date of completion of sale is 15 July 2016.
HNG Global contributed 12% to the total consolidated revenue of HNG for the financial year ended 31 March 2016.
Despite this, in September 2015 HNG announced it would be selling the subsidiary, due to it making a loss.