Hindusthan National Glass exits JV with Turkish firm, sells entire 11.23% stake

Photo: Reuters

Hindusthan National Glass & Industries Ltd on Wednesday said it has entered into a share purchase agreement for divesting its entire 11.23% holding in HNG Float Glass Limited, which was a joint venture company between Hindusthan National Glass and Turkey-based float glass manufacturer Trakya Cam Sanayii A.S. for a consideration of Rs129.76 crore.

In a regulatory filing, Hindusthan National Glass said it has transferred 34.5 million equity shares for $19.2 million. HNG Float Glass has posted a turnover of Rs554.18 crore during 2017-18 with a net worth of Rs421.54 crore as on 31 March.

In 2013, the Somany family, the promoters of Hindusthan National Glass, reduced its holding in HNG Float Glass from 87.6% to 45% by bringing in the Turkish company as a joint venture partner, who picked up similar stake. The remaining 10% was held by the International Finance Corporation. Over the years, however, the shareholding of Hindusthan National Glass in HNG Float Glass was reduced to 11.23%.

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This story was first published on livemint.com