The promoters of HNG Float Glass Ltd – Hindusthan National Glass and Industries Ltd and Somany family - had entered into a joint venture with the Turkish glass major Trakya Cam Sanayii AS for an equal joint venture partnership for the float glass business in January.
In a note to the BSE on Wednesday, Hindusthan National Glass and Industries said, “The parties having complied with the relevant conditions precedent under the JVA, the joint venture transaction has now been consummated.” Post the transaction, Trakya owns 50 per cent stake in HNG Float.