 "Hindusthan National Glass sells German subsidiary for Rs 171 cr")
Hindusthan National Glass & Industries Ltd (HNGIL) has entered into an agreement to divest its wholly owned subsidiary HNG Global GmbH for Euro 23 million (about Rs 171 crore). HNGIL did not disclosed the acquirer's name but said that it was a large glass container manufacturing group in Europe.
HNG Global GmbH, founded in 2008 as Agenda Glas AG, is a manufacturer of container glass producing mainly for the German market. HNG Global GmbH posted a turnover of Rs 276 crore during financial year 2015-16 and contributed 12 percent of the total consolidated revenue of Hindusthan National Glass & Industries. However, the net worth of HNG Global as on March 31, 2016 was negative at Rs 15.3 crores.
HNGIL is of India’s leading glass containers manufacturers supplying its products to industries such as liquor, beverages, soft drinks, processed foods, pharmaceuticals and cosmetics.
