Acquires 99.8% Shares Of HNG Float Glass
Turkey’s Trakya Cam Sanayii A.Ş. has acquired some 49.8 percent shares in India’s HNG Float Glass Limited for $85.4 million, according to a filing to the Istanbul stock exchange on June 13.
The investment now effectively increases Trakya’s holding in HNG to 99.8 per cent. Trakya, a subsidiary of Turkish glass giant Şişecam, bought the remaining stakes in the company from Hindusthan National Glass and Industries Ltd, Spotlight Vanijya Limited, Brabourne Commerce Pvt Ltd and other founding shareholders, the statement read. Hindusthan National Glass sold its 11.23 per cent stake in HNG Float Glass for $19.3 million, reports said. Shares of the Kolkata-based glass bottle maker rose as much as 14.10 per cent, the most in over two months. Trakya is the “flagship of the business, active in four main fields: Basic glass [flat glass, patterned glass, laminated glass, and coated glass], automotive glass and glass for other vehicles, energy glass and consumer durables,” Şişecam says on its official website.