In Hindustan Sanitaryware & Industries' (HSIL) annual general meeting (AGM), the board intimated the stock exchanges that the company entered into sale purchase agreement with the promoters of Garden Polymers. Sandip Somany, Joint MD of HSIL, in an interview with Latha Venkatesh and Gautam Broker, spoke about the recent happenings in his company and the road ahead.
Below is the transcript of the interview. Also watch the accompanying video.
Q: What are your plans with Garden Polymers?
A: We finished our board meeting and intimated the stock exchanges that Hindustan Sanitaryware & Industries (HSIL) entered into sale purchase agreement with the promoters of Garden Polymers. This is a fast growing company and is the fourth largest company in the pet container field. They make pet bottled and jars.
This is a very complimentary business to our AGI Glaspac business which makes glass bottles. We are the second largest in the country and have common set of customers.
HSIL will buy 60% of the share capital of this company for deal size is totally Rs 89 crore and the balance 40% is being bought by the promoters of HSIL in their individual capacity.
Q: What is Garden Polymers