Glass container manufacturer in India, Hindusthan National Glass & Industries Ltd. (HNGIL) said the company and other existing promoters of HNG Float Glass Ltd. (HNGFL)-- being C.K. Somany family, together with HNGIL -- had established an equal joint Venture partnership with Trakya Cam Sanayii AS of Turkey for jointly pursuing the float glass manufacturing business in India, under the aegis of HNGFL.
The two sides had signed a joint venture agreement (JVA) on January 10, 2013, with the intention of jointly pursuing and developing the float glass manufacturing, business in India, value added processed float glass including high performance glazing glass and Automotive glass segment. The parties having complied with the relevant conditions precedent under the JVA, the joint venture transaction has now been consummated on June 11.
As part of the transaction, Trakya has also acquired IFC Washington's 12.36 percent stake in HNGCL.
Accordingly, HNGlL on June 11 sold and transferred to Trakya 5,86,26,995 equity shares of Rs.10 each of HNGFL (out of its total shareholding of 11,50,00,000 equity shares in HNGFL).
With this transfer, the shareholding of HNGIL in HNGFL, as on date, stands diluted to 18.31 percent from the 47.4 percent.
Trakya Cam Sanayii, a Sisecam group company, ranks fourth in Europe and sixth globally in the float glass industry. The company posted a turnover of around $700 million for the fiscal year 2012 and a market-cap of $1.1 billion as of the end of 2012.
At the BSE, Hindusthan National Glass & Industries closed Monday's trading at Rs.187, up 0.27 percent from the previous close.
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