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Hindusthan National Glass and Industries Ltd (HNG) might consider putting up a power generation capacity with the funds garnered through the sale of its treasury stocks.
Mr Mukul Somany, Vice-Chairman and Managing Director, HNG, on Friday, said that the company has appointed Ernst and Young and Deloitte as consultants to conduct a feasibility study. He was speaking to newspersons after the company's 21st annual general meeting here.
HNG plans to sell the 16.7 per cent treasury stock (approximately 1.4 crore shares valued at about Rs 260 crore at the current market price of HNG shares) in the company – accumulated during the merger of Owens Brockway with HNG in 2006.
“A part of the funds generated through the sale could be utilised for the power venture,” he said. He, however, refused to divulge further details about the same.
Mr Somany had earlier mentioned that the company would look at setting up a 150 MW captive power plant at a cost of Rs 800 crore, in one of its six manufacturing locations across the country.
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