Jan 11, 2013 02:02 PM IST | Source: Moneycontrol.com

Hindusthan National Glass enters into JV with Trakya Cam

Hindusthan National Glass and Industries (HNGIL), the largest manufacturer of glass containers in India, fell nearly 2 percent on profit booking after rising as much as 2.9 percent in early trade as the company entered into joint venture agreement with Trakya Cam Sanayii AS of Turkey.

Hindusthan National Glass enters into JV with Trakya Cam

Hindusthan National Glass and Industries (HNGIL), the largest manufacturer of glass containers in India, fell nearly 2 percent on profit booking after rising as much as 2.9 percent in early trade as the company entered into joint venture agreement with Trakya Cam Sanayii AS of Turkey.

HNGIL has a production capacity of about 4300 tonnes per day through 13 furnaces and 58 production lines across seven plants in India.

The company said, "With this JVA, shareholding of the company and other promoters of HNG Float Glass (HNGFL) shall reduce from approximately 87.6 percent currently to approximately 45 percent and Trakya will become an equal shareholder by about 45 percent shareholding in HNGFL. IFC, Washington will continue to hold the balance stake (about 10 percent of increased paid up capital) in HNGFL. The shareholding of HNGIL, post the consumption of the proposed transaction, shall stand diluted from present 47.4 percent to about 15 percent in HNGFL."

At 13:38 hours IST, the stock fell 0.84 percent to Rs 201.05 amid heavy volumes on Bombay Stock Exchange.

In the previous trading session, the share rallied 2.94 percent to close at Rs 202.75.

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