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Sezal Glass today said it has sold its float glass business along with its Gujarat-based manufacturing unit to Saint-Gobain Glass India for a consideration of Rs 686 crore.
“With the sale proceeds, the company will be 100 per cent debt-free, with reserves to fund growth and expansion,” the Sezal Glass Ltd CMD, Mr Amrrut S. Gada, said in a statement.
The sale of business was approved by the company’s shareholders by postal ballot and the binding business transfer agreement was executed on May 31, 2011, the company said.
Sezal Glass’s floating glass facility at Jhagadia Industrial Estate in Gujarat has a capacity to produce 550 million tonnes of glass per day.
“As part of the overall transaction, Sezal Glass and its principal promoters have undertaken non-compete obligations with respect to the float glass business with Saint Gobain for a period of five years...,” Mr Gada said.
Meanwhie, the company shares were being quoted at Rs 4.30 apiece in the afternoon trade on the BSE today, down 4.02 per cent from the previous close.
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