L&T sells glass unit to ACE Glass

Larsen and Toubro (L&T) has sold its glass containers business divison to ACE Glass Containers of the C K Somani Group - the owners of Hindustan National Glass & Industries.

According to a release issued by L&T to the BSE today, with the sale of the glass container unit, the company has totally exited the packaging business.

"With the transfer of the business as a going concern, all the employees have also been transferred to ACE Glass Containers. The service condition of the employees will remain unchanged," the release added.