Turkish glassmaker Trakya Cam Sanayii bought a 45% stake in India’s HNG Float Glass Limited (HNGFL) through a joint venture (JV) agreement on Friday.
According to the JV, Hindustan National Glass and Industries (HNGIL), the share-holding company in HNGFL and its promoter, the Somany family, will now dilute their stake in HNGFL.
HNGIL and the Somany family currently hold a 47.4% and 40.2 per cent stake in HNGFL, respectively and the remaining 12 per cent is held by IFC Washington.
Post-JV, Trakya Cam Sanayii AS will become an equal shareholder in HNGFL for an undisclosed amount.
HNGIL is one of India’s leading glass manufacturers, with a total production capacity of 4300 tonnes per day.
Trakya Cam Sanayii, which was founded by Sisecam in 1978, is involved in the flat glass market in Turkey. The company reached $751 million net sales with 2,768 employees in FY 2011.
HNGFL is engaged in the business of manufacturing float glass and related value added float glass products. The company’s plant is located in Halol, Gujarat with the current capacity of the furnace being 600 tonnes per day