Turkish glass maker acquires all shares of Indian firm
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, thus now increasing its stake to 99.8 percent in the company.
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 percent 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 percent, 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.